What to Avoid Before Your Home Purchase Closes
An accepted offer or mortgage pre-approval is an important milestone, but your financing is not final. The lender may update your credit, employment, income, and asset information before closing.
These steps can help you avoid unnecessary delays.
Avoid new debt and major purchases
Before opening a credit card, financing furniture, buying a vehicle, co-signing a loan, or increasing credit card balances, contact us. New debt can affect your eligibility—even if payments are deferred.
Large cash purchases can also reduce the funds needed for your down payment, closing costs, or required reserves. Consider waiting until your purchase has closed and the loan has funded.
Discuss employment or income changes
A new job does not automatically prevent you from qualifying. However, changes in employer, hours, or pay structure may require additional review and documentation.
Contact us before making a planned change, and promptly tell us about any unexpected change. Moving from salary to commission or self-employment can significantly affect how a lender evaluates income.
Keep your funds easy to document
Check with us before transferring large amounts, opening or closing accounts, depositing cash, or accepting gift funds.
Transfers between your own accounts may be acceptable, but the lender may need records showing where the money came from and where it went. Keep complete statements and transfer receipts.
Keep payments current
Continue making your existing loan and credit card payments on time. Ask us before paying off debts or closing credit accounts specifically to qualify for your mortgage.
Follow the contract’s earnest-money instructions
Send your deposit to the escrow holder identified in your purchase contract, following independently verified instructions. Keep proof of the payment and notify us when it has been made.
Your deposit is generally credited toward the amount due at closing. Whether it is refundable if the purchase does not close depends on the contract and circumstances. Ask your real estate agent or attorney about deposit deadlines and contingencies.
Verify wiring instructions
Before sending earnest money or closing funds, call your closing agent using a trusted phone number you obtained independently. Do not rely on a phone number or changed instructions supplied in an unexpected email or text.
If you suspect you sent money to a fraudulent account, contact your bank immediately.
Respond promptly and protect your information
Provide requested documents through the designated secure channel. Do not send Social Security numbers, account numbers, or financial documents through a general website form or ordinary email.
Tell us promptly about changes that could affect your application. Early communication gives us more time to evaluate your options.
Have a question before making a financial change?
Call Platinum Advantage Mortgage at 407-341-4313 or email rjolley@platinumadm.com. We help homebuyers throughout Florida understand the mortgage process.
Final loan approval remains subject to lender requirements and satisfaction of all applicable conditions.