You have made an offer on a home, the offer was accepted now your are “in escrow”. Next, you made it through the inspection and the appraisal process, heading down the path of a successful close. Here are some things NOT to do during your escrow period:
Change Your Job- Please take heed to this one! Don’t think that your new job with better pay is not going to matter to the folks who underwrite your loan. Consult with your mortgage broker early in the process if a job change is coming. If you don’t that could kill the deal.
Disappear- Again, take heed. Don’t take off on vacation, leave the country or decide to shut off your cell phone during escrow. If you have a vacation that is planned just let your loan officer and realtor know and try stay in cell range. Things come up and they may need to contact you. This will keep the process moving along and not delay closing.
Don’t Cancel Your Credit Cards- Some folks cancel credit cards or open up new ones. This could negatively affect your credit score. Wait to do this after the escrow has closed and you will be just fine.
Large Purchases- Pretty please… don’t go out and buy a new truck, washer & dryer or go on some high dollar vacation. These actions could adversely affect your “ratios”. The “income to debt ratio” is the percentage of a consumer’s monthly gross income that goes toward paying debts. It determines if you are able to pay the bank back. Your best bet is to don’t make any big purchases until escrow has closed.
Move Money Around- Avoid transfering money from one account to another. If you need to, a documentation trail has to be established between the accounts. If you received “gift money” a letter has to be written by the giver and a bank statement from the source account. Advise your mortgage broker before making any large deposits or transferring money around. It will save a lot of headaches.
Need some help? Have questions? Call us and we can chat, no hassle, no pressure selling. (707)893-SOLD.
Vicki Thiessen lic.# 01706979 - Guided by a strong set of values, I am committed to ensure that these characterize all my interactions with you: integrity, compassion, loyalty, commitment, and professionalism, and will make every effort to share my sense of enthusiasm and fun.
Rob Thiessen lic.# 01830099 - A Healdsburg native through and through, Rob broke into the real estate profession after laying down the law as a police officer for the City of Healdsburg. He can track down a home for you, just like he tracked down the bad guy. If you need back up, Rob will be there with you, every step of the transaction process.
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