Page 35 - Emily Newmark_Buyers - Sellers Guide.indd

NEWMARKET HOMES LA - FOR BUYERS
What NOT to do While in Escrow on Your Purchase
So you've finally found a great home and you even had your offer accepted! You're signing disclosures and doing inspections and getting excited about moving. Don't forget that behind the scenes while you are taking care of all of this, your lender is tryingtoobtainyourfinalloanapproval. Untilthishappensand you sign your loan docs, there are certain things that you should neverdowhileinescrow. Belowisalistofthetop9thingsNOT to do during this time. Doing any one of these things can cause your loan approval to be delayed or even declined....
The Countdown:
9. Do NOT apply for new credit cards or lines of credit. And speaking of credit, try not to increase the balance on your credit cards more than you normally would.
8. DoNOTbuyacarorshoparoundforacar.
7. Do NOT open a new bank account or make a large deposit, or deposit ANY cash into your bank accounts.
All deposits in the past several months will need to be checked by the lender (sourced) and a paper trail will need to be established.
6. DoNOTtransfermoneybetweenbankaccountsunlessinstructedtodosobyyourlenderoryougettheir approval in advanced to do so.
5. DoNOTsellmajorassetssuchasacar.
4. DoNOTgetmarried,divorcedorgoonleaveatwork.
3. Do NOT go out of town for an extended period of time. If you have travel plans, make sure to let your agent and lender know so they can plan accordingly.
2. DoNOTborrowmoneyfromanysource.
t Do NOT change jobs or quit your current job.
What you can do is continue using your credit card for normal purchases such as groceries and gas. The bottom lineisthatyoudonotwanttogiveyourlenderanythingoutoftheordinarytoquestion. Ifyouhaveanyquestions about what else you should and should not do while in escrow, be sure to ask your lender before you take any action.
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