Although these may seem obvious, they are the most common mistakes made by Buyers. As your Realtor, it is sometimes necessary to remind you of the greater goal of securing your home purchase over other issues like furniture or a new car. Those things can wait until after the closing of their home.

Things Buyers Shouldn’t Do While in Escrow

Don’t change jobs. Stable employment will help you qualify for a loan. A lender will look unfavorably on a career switch. Staying within your industry may not have any adverse effects. Verification of income from a new job may cause delays.

Don’t move money around. The lender will verify all of your sources of funds and will want you to have had that money for several months. Moving money around will complicate the process and can create unnecessary delays in the approval process of your loan.

Don’t Increase your debt. Don’t make any major purchases like a car or furniture or anything that would be considered a loan including interest deferred offers. Increasing your debt load can have a major effect on your loan approval.

Timing the move well. If you are selling your current home, do you need to close on that sale before your new purchase closes? If there is a lease involved will you want your move to coincide with the expiration of the lease. Sometimes it is possible to work a simultaneous closing, but often times it is necessary to have temporary housing. Also due to unforeseen delays that can happen in many transactions, it is best that you not lock in a schedule for movers until closing is complete. This can be difficult to accomplish, but you should be aware that sometimes delays take place even with the best of planning.

Mortgage Application Checklist

Having you gather and organize the following items and take to your loan appointment will help speed the process along. These items are for everyone who will be on the loan.

- Social Security Card and Photo Identification
- Present Mortgage information
- Two year history of employment & verification of income sources
- If self employed, copies of two years tax returns
- Information about checking, savings and any other asset accounts
- Name, account number and balance on all debts. (Credit cards, car payments, loans, etc.)
- Information on any assets (other property, stocks, etc.)
- Information on any other funds that will be used to close (gift funds)
- For VA loans, the certificate of eligibility, (DD214)