About a week ago I was sitting at the closing table with one of my clients waiting for his lender to arrive and begin going through the loan documents. It turns out this lender was in the conference room next to us finishing up another closing. That’s not too out of the ordinary for a loan officer to have back to back closing so I didn’t think much of it until he came in shaking his head and mimicing the act of wiping sweat from his brow. I asked him what had happened and he told me “Long story short; make sure your buyers don’t quit their jobs right before closing”. Now, this seems like it would be common sense. But apparently it isn’t to everyone.
Your loan officer’s underwriter will verify your employment and run a final credit check the day the before closing! If things don’t add up they won’t fund the loan which means you will lose your earnest money and possibly get sued if someone doesn’t think fast.
Here is short list of thing you don’t want to do between going under contract to buy a house and the closing date
1) Quit You Job
2) Buy A Car
3) Buy A Boat
4) Make ANY Other Big Purchase You Might Be Considering
5) Default On A Different Loan Or Credit Card
Doing any of these things can jeopardize your ability to close on the loan for your new house, cost you some money, and possibly get you into some legal trouble. So beware if any of these things have crossed your mind!