What Not To Do During the Closing Process
By: Old Point National Bank / 23 Jan 2018
- Change Your Marital Status. How you hold title is affected by your marital status. Should it change, make both your lender and the title company aware so that documents can be prepared correctly.
- Change Jobs. Changing jobs during the closing process may result in your loan being denied. The lender may call your employer to re-verify employment prior to funding the loan.
- Switch Banks or Move Your Money To Another Institution. Your money should remain at its current institution(s) after the lender has verified them and until needed for the purchase.
- Pay off Existing Accounts, Unless Your Lending Requests It. If your Loan Officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.
- Make Any Large Purchases. A major purchase that requires a withdrawal from your verified funds or increases your debt can result in you being disqualified for the loan. At the last minute, a lender may check your credit or re-verify funds.