What Not to do Before Closing on a House

[@jeanc819]

This video should be mandatory for anyone considering purchasing a home. Great chemistry between you two. Cheers!

[@AngelaLockettRealtor]

Thank you for watching! Sean is a great friend and a lot of fun to work with!

[@anniesshenanigans3815]

I thought that my new job might affect my ability to buy a home but so far it's been okay. I moved 500 miles for a new job. Same field. I am in the process of selling my old house. Closing is on the 31st of August. Contract contingent on that sale, new house closing is on September 15. If I had watched this 3 months ago I might not have even bothered to look for a new home because of my employment status. But since I had a employment contract with this company, and a 20 year history of steady employment in this field, AND a big down payment, I am not a bad risk.

[@AngelaLockettRealtor]

Congratulations to you! All those details of your new job, move, and home purchase had to be evaluated by the lender in terms of the level of risk you represent. A big part of your success can be attributed to their being no gap in your employment.

[@favoritelasvegasrealtor]

It's so hard to stay in the lines during those 30 days!! Very important for buyers to know what not to do before they close on the house.

[@AngelaLockettRealtor]

The O'Hare Team - Las Vegas Realtors Thanks for watching!

[@khaledtn]

not buying a hous4e lol

[@LivingInNashvilleTennessee1]

wow this can happen so easily!! Great info and thanks for the reminder for me to tell my customers under contract!

[@AngelaLockettRealtor]

It all seems pretty innocent, until your loan falls apart!

[@RetrieverTrainingAlone]

No big deposits? What if we get an inheritance such that we can increase our down payment from 20 percent to 80 percent?

[@AngelaLockettRealtor]

Most underwriters will require that the source of any large deposit be verified before closing. Receiving loads of cash from a rich uncle won’t jeopardize your closing, but it would require this additional documentation. Thank you for watching!

[@RetrieverTrainingAlone]

@@AngelaLockettRealtor What is the best way to document inheritance funds?

[@ARtilleRyy]

I was thinking about getting a better job before closing, but i will wait. thank you

[@AngelaLockettRealtor]

Glad to help! You will still qualify for your loan if you get a better job, the problem is that all must be verified, which could delay your closing. It would still be a good idea to check with your lender.

[@yatyas]

This video really settled the starting ember to burning a hole in my pocket!!!! Thanks for the heads up.

[@AngelaLockettRealtor]

Thanks for watching! Yes, put that fire out, at least until after closing day! ;)

[@monicarenee7949]

Sadly my daughter’s birthday is right after close is scheduled. I had planned on a big trip for her birthday, not expecting to get an offer accepted so soon in the house search process. I guess her birthday present is this house until after close!

[@dana7924]

Great video. What would you say is the safe period when a loan is locked in? Is it when the lender produces the letter of undertaking? or is it when the funds have been paid over to the vendor?

[@glovilla311]

I think you forgot to mention that you should not apply for a new loan. They monitor it. This is something my mortgage company told me. But I can use my credit card for purchases.

[@AngelaLockettRealtor]

Yes! Thank you! So many ways for things to go sideways!

[@SeanHutto]

Angela, you are awesome!! I am grateful to be partnered with such a blessed person! :)

[@AngelaLockettRealtor]

Thankful for the partnership!

[@singingwithbella]

Would it hurt my closing process if I open accounts for utilities before closing? My realtor told me to set up utilities and when I called these companies, they asked for my social to run a credit check. Is it still ok to give them my social and get utilities set up before I close?

[@mpakempake3235]

Amazing Tips.This was very helpful.Thank You!!

[@AngelaLockettRealtor]

Thank you for watching!

[@jfkst1]

Not making any large purchases is completely unreasonable. Curious to know how to close on one house, that often needs thousands in repairs to pass the inspection in addition to massive down payment and hand deposits, and prepare your current home for sale/rent without making major payments?

[@AngelaLockettRealtor]

Thanks for watching and sharing your thoughts! These are general guidelines. Your partnership with your lender is so important! A major purchase could change whether or not you still qualify for your purchase, so you need to discuss any major purchase with your lender so that you don't end up with a big disappointment.

[@k.m.8634]

I lost my job days before closing? What do I do? Do I keep it going? Or let them know I lost my job.

[@thafutureonline619]

this is what I need to know!

[@CorrieSommersLuxuryRealtor]

Angela - your video is great. Your channel is looking fantastic! I've subscribed.

[@JamesAndTheGiantPeach]

Don't forget to REFRAIN from getting any new credit cards!!!

[@AngelaLockettRealtor]

Absolutely! No new credit ! And certainly not even as a co-signer!

[@LoopDoc]

Okay okay..I just clicked the button😮

[@eddyeroyal6024]

Great and helpful, i closing in the DFW area, Mansfield, Tx

[@AngelaLockettRealtor]

Glad it was helpful! Congratulations on your new home!!

[@Justaddsaltt]

What about a all cash offer

[@EmilyFarber]

Fantastic video! You and Sean have great video chemistry together.

[@AngelaLockettRealtor]

Emily Farber Thanks for watching! It’s been fun to do these videos with him.

[@amandalee714]

What if you need to make a large withdrawal from your IRA to pay the closing cost and down payment

[@MaryAnglin]

Another great and important interview!

[@sweetadelinedrummer]

What do you do if unexpected circumstances come up? Do you let your Underwriter know right away what happened?

[@AngelaLockettRealtor]

Thank you for watching! Yes, communicate with your lender. It is better to be proactive, than to jeopardize your closing.

[@Wadley225]

#3 is right. During the process of buying a house, I moved $7000 from a cryptocurrency account into my bank. The mortage guy flipped out and kept asking for all kinds of proof and transaction records and stuff like that, he just could not get it through his THICK HEAD that this was a one time transaction that has nothing to do with anything else. This ended up blowing the whole deal for the house purchase.

[@AngelaLockettRealtor]

Thank you so much for watching and sharing your experience! Good luck in your home buying!!

[@Duckingitout]

Ahh shoot , I wish I saw this earlier this week. We signed the offer and then agent says to get my liquidity ready by end of week. I'm going to be in for a big headache it seems...

[@Nasirakbarishegoat]

@@Duckingitout i have money in my investment account my house will be ready in two months so what i have to do? tell me how was your experience did they approved your loan?

[@KINTOSOL007]

You were saying don't overdraft your account what about I need to pay my rent an is cash I have to overdraft my rent $1,200 will this effect bad

[@Dcoleman44]

What about trading in a car? Car payment may go up or down a couple of dollars.

[@AngelaLockettRealtor]

You will definitely want to speak to your lender. Any change in your financial profile will need to be verified by the lender. It shouldn’t be a problem, but you don’t want surprises to show up on your credit report, like a new car payment, even though the payment may be less.

[@amyhayslettrealtor1901]

I had a buyer lease a car right before COE and thought it was ok because they didn’t buy it.

[@AngelaLockettRealtor]

Amy Hayslett Realtor Oh, no! It’s easy for buyers to get into trouble if they’re not thinking things through.

[@CathyGoesRAWR]

I paid off my car loan right before closing, will they see that transaction?? Will it effect my closing?

[@AngelaLockettRealtor]

Whether or not it will depends on your unique situation. Speak to your lender to make sure you close on your new home as planned. Thanks for watching, and good luck!

[@SliceOfSabby]

Grea Video Angela. I dont like to advise when its not asked, people hate it. but with over 15 videos you can make your home page really nice, right now your home page is just one default playlist called UPLOADS, May be combine videos together based on how they can work together in a playlist and go to CUSTOMIZE and add those playlists on home page. Your Banner is neat, you learnt all this yoruself?

[@AngelaLockettRealtor]

Thank you for your comment! Thank you for the suggestion. I am currently making some improvements and recording more videos. I learned whatever I know about KZbin from a class with Karin Carr.

[@jasonfrazier83]

I'm closing now. Every day they send me a new list of paperwork she needs.

[@AngelaLockettRealtor]

Thanks for watching! It can be frustrating to buyers to produce all the documents needed for their lender only to repeat the process with the title company, and sometimes get a second (or even third) request for something you’ve already sent. Remember that a home is purchased with real money, it’s not just a number on a purchase contract. So be patient and do everything you can to provide any item that is requested. Just think every day you’re one day closer! Closing day will be here before you know it!

[@yashab1888]

How about to apply for student loan before closing one before?

[@AngelaLockettRealtor]

There is a difference between finding out if you’re eligible for student loans and actually taking on the debt of a student loan. Don’t take on any additional debt of any kind when buying a home. Student loan debt is still debt and will change your debt to income ratio.

[@michelleshorter2034]

Is the "clear to close" call a sign that I can purchase applaiances and furntiure?

[@AngelaLockettRealtor]

Speak to your lender before you do. “Clear to close” is not closed! In today’s uncertain economy, many lenders are still verifying your ability to repay the loan right up to closing.

[@GuitarsAndSynths]

@@AngelaLockettRealtor agree just wait a month after you are in house to do that better to be safe than sorry

[@bettysmith4527]

NO, it is not, MANY lenders will check your credit hx and checks THE DAY OF CLOSING! DO NOT buy anything major, especially with credit, until AFTER your closing.

[@gaboseedma6606]

I close on my home in a couple days, I lost my job yesterday. Is their anyway to bounce back from this and still be qualified? 🥺

[@AngelaLockettRealtor]

I am so sorry to hear this. Yes, you can definitely bounce back. A lot is going be determined by your lender and your particular financial situation. If you don’t close as planned on this house, don’t give up! Even if takes you longer, home ownership is worth it!

[@Wilburbruh]

I paid for my appraisal with my cc. It was $450. I have made payments to cover those purchases but it did show up on my Credit report. Will this be a big issue? It has been paid and shouldn’t be on my report a few days before my closing.

[@georgiacoasthomes]

Great tips Angela!

[@AngelaLockettRealtor]

Georgia Coast Homes by Karin Carr thanks for watching!

[@glovilla311]

One more thing do not apply for a new credit card. That’s a no no.

[@AngelaLockettRealtor]

Yes!! A BIG no-no! 😉

[@barbarahollands601]

It's never a good time to co-sign a loan. As he said you are responsible if they default.

[@AngelaLockettRealtor]

It’s amazing how many people don’t know that!

[@bertgrau3934]

What if you have a big bag of cash under your bed, how would anyone know if you buy a new fridge or not ? Only if you are buying something and using a bank account can anyone know what you bought

[@AngelaLockettRealtor]

Good point! If you have a big bag of cash, and you don’t need it to buy the house, it’s probably a good idea to keep it a secret. 😉

[@bertgrau3934]

@@AngelaLockettRealtor I have a question, after watching the video about wire transfers, how do I know who the right people are? I'm about to buy a house and I don't know any of the people I'm dealing with so how can I trust anyone? They can say they are with a company but how do I know they aren't giving me their off shore account ? I don't like any of this. Why can't we just meet at closing, give them a cashier check and if they want to deposit it in an account then do a wire transfer thats on them not the buyer if it goes the wrong place? This sounds to me to have been planned by criminals from the start

[@tomasmireles7369]

I bought a washer and dryer machine online with my debit card, but I canceled the order just some minutes after. I'm close to my closing day. It that will affect to close the deal?

[@dulcedaoud2722]

Big purchase as a what amount? Big transfer as a what amount?

[@dulcedaoud2722]

@@donikatod460 Thank you for the info!! We just close on our rental property two weeks ago, now we have to wait a little more time for my our own house 🏡 Any advise will be grateful accepted ♥️

[@raquelmeza3282]

If I buy a table $500 charged to my credit card one month before closing will that affect my closing?

[@AngelaLockettRealtor]

Depending on how the numbers look with your particular financial situation, it could. It’s best to not add to your debt prior to closing.

[@byanymeans214]

Great video! When u mentioned big deposits what if I file my taxes a week or two before closing will it affect anything?

[@AngelaLockettRealtor]

Thanks for watching! No, because the source of funds is clear.

[@byanymeans214]

@@AngelaLockettRealtor Appreciate it.

[@Porterfamilylove]

And that phone call can cost you your hopes and dreams!! (laughs heartily)

[@AngelaLockettRealtor]

Sooooo sad when it happens! A home purchase is not a closed deal until it's closed!

[@WiseMoveAZ]

Great insights, you two! 😊🙌

[@AngelaLockettRealtor]

Wise Move AZ thanks for watching!

[@lawrencewiley3104]

Great video

[@TERESAFILIPINAINAMERICA]

My husband is pre approved for a lender but they want me to co sign for my husband loan is it really mandatory that i need to co sign for my husband mortgage loan? New jersey state

[@GuestYouTubeUser]

Can I get a personal loan after closing?? Just to have a little more extra cash on the side?

[@eriksaavedrahidalgo]

Sure...

[@ashlees_world08]

Great video!

[@AngelaLockettRealtor]

Thanks for watching!

[@enriquemata9657]

Amazing video, thanks

[@AngelaLockettRealtor]

Glad you liked it! Thank you so much for watching! I so appreciate Sean's expertise on this one!

[@MyRealtorKerri]

Great info! So important!

[@AngelaLockettRealtor]

It’s always good to cover the basics with buyers, because it’s easy to get into trouble.

[@maereed1]

What happened if you retire

[@UgoArinzeh]

Loved your video.

[@AngelaLockettRealtor]

Ugo Arinzeh Thanks for watching!

[@marvelousjoe]

What about those paying cash

[@AngelaLockettRealtor]

Very good question! As long as you still have the cash, you're all set! When the purchase is financed, you have to be careful not to jeopardize your loan.

[@marvelousjoe]

@@AngelaLockettRealtor thanks

[@bettysmith4527]

I would be cautious about even making large purchases with cash, as many underwriters are taking into account how much money you have in savings before clearing your loan to close. I would hold off until after closing, or at the very minimum discuss it with your lender.

[@abelcerrillo2162]

What if I want to buy my brothers and sisters out of my parents house and my boss wants to help me with buying them out, what's the process?

[@AngelaLockettRealtor]

Good question! If the purchase will be made with cash, then you will not need to be concerned about meeting the lender's requirements to keep your loan. You'll need to work with an attorney and a title company to complete the transaction.

[@bettysmith4527]

I would avoid this situation all together, unless you are MARRIED to your boss! If you cannot buy them out on your own don't do it, you do not want some boss on your deed, because that means his Next of kin is tied to your deed too if something happens to your boss. Now instead of owing your siblings money for their half, you will owe some family you don't even know. Houses also take lots of money in maintenance and repair costs, so if you don't have the money (or you cannot get a mortgage) to buy them out then you may also not have the money to do all of those other things.

[@DorisBarrios]

Great info!

[@AngelaLockettRealtor]

Doris Barrios Thanks for stopping by!

[@KINTOSOL007]

How large amount in your back account $500 & $1000 & $1,500 & $2000

[@HarryMoore]

Great Advice!

[@AngelaLockettRealtor]

Thanks so much!

[@mandypdx]

Don’t co-sign for a loan, EVER lol. I’m in the middle of closing and after getting my K-1 from a family trust I went from a $3k refund to owing $5k. I filed an extension…tbd 😳

[@marclacson770]

Lender just told me appraisal came in lower than sale price after I signed closing disclosure🤦🏻

[@abdulmoez1272]

Hey I am scared that will happen to me. What did you do?

[@marclacson770]

@@abdulmoez1272 I backed out, I was not going to pay the $30,000 difference…it was a brand new build too..I think the appraiser was having a bad day..hopefully it’ll work out for you 🙏🏼

[@sergduce]

So whats considered a large deposit?

[@jaeraee3437]

Anything that is not coming from employer. I had cash apps and I had to write a letter of what it was for. 😒

[@lucyv4416]

I believe it has to be 50% of what you bring in monthly from your job. So if you bring in normally $3000, any deposits over $1500 maybe scrutinize. Honestly, I think they look at all deposits over $1000. Have a letter of explanation.

[@user-uh1sc8oo2c]

Thanks for the great information 🤣i am buying a awesome car so my loan can fell through

[@The_King_Slayer]

Great things to know! Thanks for sharing!

[@AngelaLockettRealtor]

Thanks for stopping by!

[@The_Temple]

how about rather significant changes totally out of one's control .... such as a death in the immediate family

[@AngelaLockettRealtor]

Thank you for watching. It would be terrible to experience the loss of an immediate family member while going through the stress of buying a home. Whether or not this would impact the purchase would depend on whether or not your finances are impacted. It would be a very stressful situation still though.

[@bettysmith4527]

Never co-sign on anyone else's loan EVER!

[@AngelaLockettRealtor]

That really is the best advice!!

[@mylescripps6566]

What if I want to withdraw a large amount of money from a benefit fund to help pay for closing cost and down payment?

[@bettysmith4527]

Let your mortgage provider know this, and they will advise you. They will want proof of where these funds came from and went too.

[@lucyv4416]

Best to have the $ in the bank for two months before u start looking. Lender will ask for two months back of bank statement .. they better not see large amounts of deposit. If it’s already in the bank prior to the two months of bank statements then the $ is considered matured and they won’t question where you got it from.

[@missbnatural4384]

Wow me and my husband just got married but when we applied we were not . So you telling me that can not qualify us wow

[@AngelaLockettRealtor]

Congratulations! Getting married doesn't keep someone from qualifying, but it could delay closing if you are already under contract to buy a house and you want add your spouse to the purchase. If you were already buying a house together, getting married wouldn't change the mortgage at all.

[@thelifescout8335]

So what about having to purchase $1100 in home inspection, $750 in sceptic inspection, $4000 in good faith deposit? Those might effect the outcome of the the loan being issued?

[@lucyv4416]

Yes those inspections can be done and $ spent on those can be explained so it’s ok. Idk about the $4000 good faith deposit

[@positivevibesonly1902]

What about the deposit we give to the realtor? It is a big deposit so should we tell our lender about that or what should we do in that case?

[@AngelaLockettRealtor]

Thank you for watching! That deposit is part of the purchase and your lender will be notified of it as part of the terms of the contract. Putting money toward the house is good!

[@StewartEbaughRealEstate]

Great stuff, thanks. CLICK THE BUTTON!!

[@AngelaLockettRealtor]

I like your video on the same topic. Thanks for watching!

[@StewartEbaughRealEstate]

@@AngelaLockettRealtor was that pure coincidence, or did you get the idea from the recent KCM article? I was going to do one with a security systems guy but he cancelled on me and I had to grab something quickly!

[@AngelaLockettRealtor]

@@StewartEbaughRealEstate I actually recorded that a couple of weeks ago and just now getting it edited .

[@raj4all2007]

Question 1: what happens when we move from a lower wage job to higher wage job. Question 2: what if we buy some furniture using cash or our savings.

[@AngelaLockettRealtor]

These are great questions and definitely the actions you should think twice about if you’re buying a home. The impact would depend on your unique circumstances. In either situation, you should consult your lender.

[@raj4all2007]

@@AngelaLockettRealtor thanks

[@GuitarsAndSynths]

Don't change jobs don't buy new car

[@_baller]

Huh they call your employer?

[@AngelaLockettRealtor]

Yes, they do. The lender will verify your employment. With the volatility of the pandemic, lenders are sometimes verifying employment right up to closing day.

[@_baller]

@@AngelaLockettRealtor pretty sure paystubs prove you're still working, nobody is gonna take on a mortgage if they truly lost their job

[@AngelaLockettRealtor]

What not to do before closing on a house is important to consider! Have you seen a pending home purchase fall apart? Why did it happen?

[@bertgrau3934]

Yes, it happened to my wife and I The seller and realtor lied to us about work that was to be done and wasn't. We had the house reinspected, after we seen they lied we left. The house didn't sell If you can't be truthful, shouldn't be selling houses, cars, or anything else Just my opinion

[@b33u]

You missed one, “don’t do business with douchbags like us!”

[@TammyRasmussenRealtor]

Great Info, and so important!