If you are up front and honest with your real estate agent and your mortgage lender right of the bat, then you are more likely to meets your deadlines and have a smooth, timely closing. You need to understand that loan underwriters are going to verify and re-verify all the information on your loan application including credit, employment, assets, debts, marital status and more right up until the last minute. With the multiple application review being done before the deal can close, you need to make sure all your information is accurate and up to date.
Close the Wallet!
From the time you get a pre approval from your lender to the time your loan is clear to close, your lender is watching your credit. Now, you can still go about your normal daily routine and make your usual purchases and transactions, but you need to put a hold on any major purchases or transactions that may change your financial status in any way. You should avoid any major changes to account balances, both deposits and withdrawals. Any irregular activity will need to be explained, documented and verified. This eats up time and could delay closing. Also, avoid opening new accounts or closing any existing accounts.
Keep an Eye on the Calendar!
Any change in the closing date could affect interest rates, closing costs, tax prorations and more. Make sure you stay on top of approvals, inspections and anything else that is time dependent. A good real estate agent will be in constant communication with your lender and the closing/escrow company to make sure that everything is on track. Your agent should keep you updated as to where the process stands. Never hesitate to ask questions if you are unsure of what you need to be doing.
Once the purchase contract is signed around; if you can provide accurate information, avoid any major changes to your credit and make sure you hit your deadlines, you will greatly increase your chances of a smooth and timely closing!