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Making a Smooth Transaction Transition

You’ve made the deal on your new property, so what do you do now?  With a bank loan there are a few things you should consider doing and not doing during the escrow period.

Here are 5 things NOT to do during the time between deal and closing:

1 – Do Not Change Your Marital Status.

Any change to your marital status will affect your loan and how you take title in the property.  If the deal was made in both names, the deed will be in both names.  Also, the loan may be based upon both parties income.  Talk to your loan officer immediately if there are any changes.  Let your closing company know if there are any changes to the vesting of the property, so the deeds can be correct at the closing.

2 – Do Not Change Your Job.

            Any change in your employment may affect your loan.  Just because you’ve been pre-approved for a loan, does not mean the bank will fund the loan!  The lender may call your employer to re-verify your status before funding. Even if you stay within the same company, the change may cause a delay or denial of your loan.

3 – Do Not Switch Banks.

Your money should remain in the bank after your lender has verified the funds.  Don’t pull the money out to give to the closing company ahead of time! Moving the cash could cause a delay or denial of a loan at the last minute!

4 – Do Not Pay Off Existing Accounts.

            Unless your loan officer advises you to pay off certain bills leave your funds at the bank.  The loan process can be compared to a juggling act. The smallest change can upset the whole works, and all the balls will tumble to the floor. Thus a denied loan could result. Before making any changes, talk to your loan officer .

5 – Do Not Make Any Other Large Purchases.

Any major purchases that take money away from the verified funds could result in the denial of your loan.  Even if you were planning to replace those funds, a surprise re-verification by the lender could  cause big problems for your loan.


These are just a few suggestions that will help you make financing your new home or land a positive experience.  Keep your lender informed of any changes as soon as they happen.  Keep your realtor updated as to the status of your loan. Then they can help you through each step of the escrow process.

A home purchase, whether it will be your main residence or a second (vacation) home is one of the biggest purchases you’ll make in your life. Perhaps these few tips can help you have a happy transaction transition.

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