“Bring to Closing” Do you Have Enough?

Bring to Closing

Buying a house can be fun!  But if your credit has changed or "Cash" available is inadequate when it's time to "Bring To Closing" - It can be a real buzzkill.

 Buyers Be Aware:

  1. Prequalification Letter, from lender, is based on debts reported at the time.  It can be very tempting to indulge in a (credit card filled) shopping spree after going under contract.  After all, you picked out the perfect home - it's only natural to desire "tailor-made" furniture that is parallel.  Nonetheless, steering clear of additional debt is essential as your credit will be confirmed in the "eleventh hour" prior to closing.
  2. Make sure the available Cash, reported to lender, IS still available throughout the transaction.
    Taking the advise to steer clear of additional debt - you may be tempted to spend some of the Cash instead.  If you plan to use those funds to purchase big ticket items (e.g., washer, dryer, silver-plated iguana cage, etc...) let your lender know in advance.  If it is agreed that you will put a 10% down payment (with available Cash) - Do not assume you qualify for a lower down payment.
  3. Avoid telling your boss to "Take This Job And Shove It."
    Psyched about the view from your (soon to be) office - you decide to quit your job (of 10 years) before closing day.
    Reporting the good news to your lender... "But I will be making $25,000 more a year and get to work from home!" 

    **********There is static and mumbling on the other line**********
    PHEW!

    Thank goodness that was only a dream.
    If you are considering a career change, at least run it by your lender first.  They will be able to indicate whether it's in your best interest - as it pertains to the real estate transaction.

When Buying a Home - Try to Preserve Your Cash, Credit, and Job

by: Alesha Wilson, M.Ed, Broker/Owner

Contact Buy and Sell Oklahoma

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