Don't Get Caught By These Last Minute Problems Before Your Closing

Once you have found that dream home and the seller has accepted your offer, the next step is to get your financing secured. The problem, however, is that many buyers relax a bit after they know they have their loan approved and that sometimes leads to some serious errors. You should keep in mind that you are not the owner of the home until after the closing, and there are several issues that could arise at the last minute that could trip you up. Read on to learn more about a few of these problems and how to remedy them.

Your awesome, preferred low interest rate expires at any moment.

Your financing deal came with a expiration date and often this rate is locked in for a finite period of time. In most cases, the time allowed gives buyers plenty of time before closing, but not always. Pay close attention to the mortgage rate expiration dates, which can vary from a couple of months to 90 days.

Why would the rate expire before closing? While everyone involved with the closing makes every effort to ensure that all the pre-closing tasks are accomplished, delays can happen. It could be administrative problems, scheduling issues between the parties, home inspection snafus and more. For example, if you had a contingency in your contract that required the owner to fix a certain problem before the closing, your closing might need to be delayed if the owner ran into problems complying with that contingency.

Stay on top of home inspection and contingencies and stay in close touch with your lender to avoid any last minute financing surprises.

You mistakenly believe that your financing is a lock.

When you get approved for a mortgage, that approval is not the final hurdle. Up until the very moment you sign your loan paperwork, your credit will be continuously checked and rechecked to ensure that you don't have any late payments or that you haven't recently made any big ticket purchases or acquired new credit.

Put off buying anything that costs more than a hundred or so dollars until after the closing, don't remove any funds from your checking or saving accounts, don't take out any new loan or get any new credit cards or disturb your credit in any way. You have been approved based on certain requirements and you must take care not change anything until after you have the keys in your hand.

For more tips on purchasing and renting real estate in your area, check out sites like

About Me

A New Home by Christmas

When I was born, my parents lived in a tiny, brick home. The small house only had one bathroom. And the laundry room could be reached only by going outside and venturing to the side of the house. Thankfully, my family purchased a new home when I was in the seventh grade. The new place was approximately twice as large as the old home. We moved into this sprawling farmhouse a couple of days before Christmas. I will never forget how amazing the first few days of living in this new place felt. On this blog, I hope you will discover some tips to help you purchase your dream home by Christmas. Enjoy!

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