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Here are some tips for ensuring your closing goes smoothly.
Stay in Your Current Job
Keep your employment stable unless it's absolutely necessary to make a job change. Lenders like to see a consistent work history and changing employers can create an uncertainty about your future, particularly if your salary is commission-based.
If You're Self-employed
Avoid a change to self-employment. When approving a loan, lenders usually like to see a two-year track record of self-employment income. In addition, self-employed workers tend to include a lot of expenses on their tax returns, especially when initially getting off the ground. These expenses reduce your income to qualify for a home loan.
Postpone Large Financial Changes
Significant changes in your financial position can delay your closing. When you're approved and underwritten for a loan, it is based on your financial situation at the time of the application. If there are changes in your financial position, you need to contact the lender which may have to reunderwrite your loan, particularly if the change is significant.
Wait to Move Money Around
To ensure quality control and protect against potential fraud, many mortgage companies require you to document all your sources of income. You'll likely have to provide a paper trail, including cancelled checks, deposit receipts and other seemingly insignificant info, which can get quite exhausting. Moving money between checking accounts, money markets, mutual funds or even retirement accounts could cause an unnecessary amount of work trying to document it all. Try to leave your money alone during the closing process.
Estimate Closing Costs Far in Advance
Closing costs can be a significant expense. Always have extra money on hand to cover unanticipated costs. Keep in close contact with your lender so you know what to expect on closing day. Don't hesitate to ask questions so you fully understand the lender's requirements.
Be Ready to Supply Funds if Necessary & Bring ID
If you need to bring funds to the closing, Legends Title Services accepts Bank certified or Bank official checks, money orders, or money by wire transfer. Don't forget to bring a valid photo ID.