Many first-time home buyers are surprised at what can happen before closing on a home. In fact, numerous individuals make critical mistakes that delay their closing. At Gulotta & Gulotta, our real estate lawyer on Long Island would like to share some advice on what not to do before closing on your new house. Continue reading to learn more about which mistakes to avoid.


Advice On What Not To Do Before Closing On A House


Many first-time home buyers don’t realize that their habits in the period between the pre-qualification process and the day they sit to sign closing paperwork can derail the process and cost them their new home. Once you’ve submitted your mortgage application and supporting documents, your mortgage lender will begin verifying the information and preparing the home loan. Any financial changes could jeopardize your deal, so our real estate lawyer on Long Island recommends avoiding these moves before closing:

  • Start a new job – Starting a new job when in the process of buying a home can make getting your loan approved a difficult process. If you have been at your current job for over two years, wait until after the closing, and you’ve moved in before switching to a new job.
  • Make late payments – Pre-approval is determined by a credit record at a particular point in time. Most mortgage lenders will request a new credit report days before the loan closing. Any late payments on existing debts could cause the lender to turn down the loan. Make your payments on time while waiting for your mortgage lender to finalize the loan.
  • Create new bills – Whether you’re using a credit card to pay regular bills or purchasing items for your new home, you should not run up your credit card debt or create new credit accounts. Each loan application and credit card adds hard inquiry to your credit reports, and a new credit card increases your debt-to-income (DTI) ratio. Avoid new loans or credit cards altogether while waiting to close on your house.

The process of closing on a house can be tedious and stressful. Our dedicated real estate lawyer on Long Island is here to help guide you so you don’t make any costly mistakes that jeopardize your pending home purchase.

Contact A Real Estate Lawyer On Long Island 

If you are in need of an experienced real estate lawyer on Long Island, Gulotta & Gulotta is here to help! We offer free consultations and competitive fees to help you minimize costs and maximize your spending. Be sure to contact us today to learn more!


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Gulotta & Gulotta Law Firm