Don’t Prepare to Move Until You Close Your House.
Anyone who has bought a home will tell you: it can be a long and drawn-out process . Sometimes, what seems like a closed deal, even going to escrow, can backfire and you have to start shopping for the home over and over again. For the sake of your finances and loans, put off any move plans until all final documents have been formally signed.
It sounds like common sense, but there are so many “this it” moments in the home buying process that it’s easy to give up a gun. Credit.com explains:
Hiring a shipping company when you haven’t signed the final loan documents is simply unnecessary and can lead to failure. If a transport company comes to you on a certain day and for some reason your house doesn’t close, things can become a problem. Hire a shipping company after you sign the final loan documents. It’s the same with buying furniture, especially if these funds come in the form of a loan or cash from the bank – first close the house and then go shopping. The short-term reward is not worth the risk.
Even opening a new credit card can be problematic. I signed up for a travel reward card after receiving the final loan documents, and the mortgage company called and e-mailed me continually asking why I did it – and I didn’t even get the card. Of course, there is nothing wrong with planning your move and figuring out what you intend to do, but you want to postpone any major purchases until everything is formal and final. Otherwise, you can derail the mortgage process. For more details, navigate to Credit.com’s full publication at the link below.
Buying a home in 2017? These 5 Things Can Threaten Your Mortgage | Credit.com