Congratulations! Your offer on the house of your dreams has been accepted, and you are now officially in escrow. Here are 5 Crucial Things to Avoid During Your Home’s Escrow Period. Your offer on your new home just got accepted this is a crucial time in the home-buying process.
It’s important to avoid making any missteps that could derail your path to homeownership. To ensure a smooth and stress-free closing experience, it’s essential to maintain consistency throughout the process. Remember, your credit will be reviewed again just before closing to ensure that your financial situation has not changed since your pre-approval.
Here is what not to do during the real estate closing process:
- Opening a new line of credit or making a large purchase: It’s tempting to want to buy new things for your new home, but it’s important to hold off on any major purchases until after you have officially become a homeowner.
- Quitting or changing your job: Your lender approved your pre-approval based on your current employment and income. Any significant changes to your employment status during escrow could jeopardize your chances of closing on the house.
- Forgetting to pay bills: It’s crucial to stay current on all your bills and financial obligations during the escrow period.
- Ignoring your closing timelines and schedule: During this time, you will be asked to provide additional documentation, information, and signatures. Make sure to complete these tasks promptly and check in with your loan officer to confirm that everything has been received.
- Changing your marital status: Filing for divorce during escrow can impact your chances of a stress-free closing, particularly in states like Ohio, which has dowry laws that require spousal approval for property purchases.
Also, it’s important to review your credit report for any errors and dispute them promptly. Keeping an eye on your credit score in the months leading up to your home purchase can also help ensure that there are no negative issues that could impact your ability to close on your new home.
Understanding What Not to Do During the Home-Buying Process will make your closing faster, more enjoyable, and a better experience for you.
For more information including my additional things not to do during the home-buying process make sure to click here for my FREE guide. Please feel free to contact me with any questions or if I can assist you in any way.
