Buying Steps 11-12: Embracing the Homebuying Journey
Step 11
This Will Most Likely Happen…(Buyers):
- You will not be told how much money to bring to closing until the day of your closing, and often only hours or minutes before the day of closing.
- You may write a dozen plus offers before getting one accepted.
- You will have an offer accepted. We will stay CAUTIOUSLY OPTIMISTIC until we get through the Inspection Process, the Appraisal Process, and the Mortgage Process. Once we get the phone call on Closing Day that the paperwork has been filed at the Courthouse, we can finally celebrate and pop the champagne bottles!
- You will have friends and family members who want to counsel you on how and what SHOULD be happening in the real estate transaction. If they are licensed to sell real estate in Washington, and they are your Exclusive Buyer’s Agent, then and only then should you listen to them. You hired an EXPERT. Believe in their expertise.
- You will become anxious or nervous.
- You will become irritated or annoyed about frequent and last-minute paperwork requests with seemingly impossible deadlines.
- You will want to tell your friends and family about your experience on social media sites, but don’t do it!
- The Mortgage Company will most likely pull another credit report days before or even the day of your closing.
- Please don’t schedule moving trucks, take off work or do anything that requires a non-refundable deposit until we pass both the Inspection and Appraisal.
Questions? Contact us at andi@andidyer(dot)com or 360-734-6479.
Step 12
This is very important, so please read and take heed!
Your mortgage pre-approval was granted to you based on the amount of money you had at the time of the pre-approval in your savings accounts, checking accounts, retirement accounts, etc., and was based on the amount of debt you had at the time (car payments, student loans, your current mortgage if you already own a home, etc.). If you go out and buy a TV, a new car, new furniture, etc. between now and closing, it will blow put your chances of being approved for your mortgage in jeopardy AS THE LENDER PULLS YOUR CREDIT ONE MORE TIME THE DAY BEFORE CLOSING.
Therefore, it is imperative that you spend as little money between now and your closing date as possible. In addition, be sure to pay all of your monthly bills on time going forward, don’t open or close any credit cards, don’t take extravagant vacations, etc. Often Buyers think it won’t make a difference if they buy a couch, new TV, etc. and charge it to their credit card, but it very well could put your loan in jeopardy. I’ve had a $6 auto-payment from the wrong debit card blow up a deal. So, please do not buy ANYTHING big until you run it past your Lender. Then go wild!
Questions? Contact us at andi@andidyer(dot)com or 360-734-6479.
