What NOT To Do During Escrow--Buyers

Changing your marital status

You can change it if necessary, but you need to inform your Realtor, escrow company, title company, and mortgage lender.  Your marital status affects the way you will hold title to the property, so they may have to re-draft documents, possibly resulting in a delay.  If you are able, filing to change your marital status before submitting a real estate offer will make the process more seamless.  

Changing jobs

This can put your loan in jeopardy!  Lenders want to see stable employment.  Try to hold off on leaving your job or accepting a new position until after the loan closes.  If the new job is higher-paid, consult with your mortgage broker.  Also, your lender will likely call your employer just before the loan closes to ensure that you still work there!  So, it's important to keep your employment situation stable all the way throughout the escrow process.   

Changing Banks Or Moving Funds 

Your lender will be verifying the funds in each account you list.  Your loan may be delayed if you move your money around.  Leave it until the loan closes.  If you must move funds around due to an emergency, consult with your mortgage lender so that there are no surprises during closing.  

Paying off existing debts/accounts

Surprising, right?  In some cases, paying off a bill can actually HURT your loan application.  Consult with your lender before making a larger than average payment.

Making a large purchase

Your offer just got accepted, so time to run to Ashley's Furniture and buy a $10K living room set, right!?  EEEK!  Don't do it.  Once again, your lender will confirm your accounts, debts, employment right before the loan closes, so that awesome entertainment center could put your loan in jeopardy.

What do all of these have in common?  Essentially, during the closing process (normally 12-35 days), keep your family, credit, financial, and employment status the same.  Any large changes will be noticed, and you risk losing your loan and the house you want to buy.  If you keep all of these items the same during closing, you should be smooth sailing and on your way to getting the keys to your new place!