10 Things NOT TO DO Before Closing | Holiday Builders
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Your lender is required to check your credit and re-verify your employment a few days before closing. Any new inquiries on your credit report require the lender to check if new accounts have been opened. This could delay or impact your final loan approval. Homes today are taking longer to build than usual, extending the time been loan approval and loan closing. Here are 10 things NOT TO DO before closing.

Maintain a stable financial profile

When you're approved for a home loan, the approval is based on your credit score, your income and debt. In order to keep the approval intact, it is best to maintain a stable financial profile from the time you're approved, until you close on your loan.  Here is what NOT TO DO.

1. Change jobs or become unemployed.
2. Buy a car, truck or van unless you're planning on living in it.
3. Use your credit cards excessively or let your payments fall behind.
4. Spend the money you have saved for your down payment.
5. Buy furniture before you close on your house.
6. Apply for credit which adds new inquiries on your credit report.
7. Make any large deposits into your bank account.
8. Change bank accounts.
9. Co-sign for anyone.
10. Purchase anything before closing.

By following these 10 guidelines, you can avoid potential issues that may delay your closing or cause denial of your loan. These guidelines have been provided by our Preferred Lender, Coastal Loans

Holiday Builders

Holiday Builders is a homebuilder based in Melbourne, Florida. The company was founded in 1983 and builds single family homes throughout Florida and Coastal Alabama. For information on plans, pricing and locations, visit HolidayBuilders.com.

The pandemic has created supply chain disruptions and a reduction in labor. New homes are taking longer to build than usual. Homebuyers need to plan for financial needs from the time they apply for a home loan, until the time the loan closes.