Offer Accepted - What Now?
You got your offer accepted by the seller and have completed all the conditions! YAY! Now it’s the 65-day countdown to closing day. Important reminder – DO NOT change your credit between now and closing!
Yes, the bank pulled your credit and did all its checks during the condition of financing. And they were happy with everything. You have been approved for this specific home and by a specific lender.
The lender will typically do a quick check just before closing date, to be sure there aren’t any drastic changes, and if they do find changes they aren’t happy with, they can withdraw your approval. Or they can ask you to pay off a debt and you will have to have the extra cash on hand to do this.
Things to avoid during this time:
Large purchase – do not buy furniture for your new home. Even the don’t pay for one year affects your credit!
Job change – this is not the time to start a new job. If it is unavoidable, please reach out to your mortgage specialist so this can be addressed ahead of closing date.
Loan – do not take out a loan yourself or co-sign for someone else.
Line of credit – this is not the time to open a new line of credit.
Miss Payments – do not miss a bill payment and let an account get into arrears.
If you are unsure about something you would like to do, reach out to your Realtor or Lender…they will be happy to guide you.