Buying a home is an exciting milestone, and at UIF, our goal is to make the process as smooth and stress-free as possible.
While many parts of the journey are handled behind the scenes, there are a few key things you can do to help ensure your closing stays on track. Even small financial or lifestyle changes during the process can cause unexpected delays. Here’s a simple guide to help you stay on course.
What You Should Do
1. Stay in Constant Communication
Keep in touch with your UIF Financial Consultant throughout the process. If anything changes (your income, employment, financial situation, etc) let them know right away. Clear communication helps prevent surprises down the road.
2. Keep the Same Job
Stability is key during the home-buying process. Changing jobs can delay verification and may impact your financing approval. Two or more years of consistent job history is best.
3. Pay All Bills on Time
Your payment history matters. Continue making all payments on time to maintain your financial standing and avoid complications.
4. Be Transparent About Your Down Payment
Discuss the source of your down payment with your Financial Consultant early on. Whether it’s savings, a gift, or another source, proper documentation is essential.
5. Maintain Your Current Bank Accounts
Try to avoid moving money between accounts or opening new ones. Consistency helps make the verification process smoother.
6. Keep Your Real Estate Agent Informed
Your agent plays a key role in coordinating timelines. Keeping them updated on your mortgage status helps ensure everyone stays aligned.
What You Should Avoid
1. Avoid Large Purchases
Hold off on buying big-ticket items like cars, boats, or expensive furniture. These can affect your financial profile and delay your closing.
2. Don’t Open or Close Credit Lines
Any changes to your credit, such as opening or closing accounts, can impact your approval status. Your credit score can drop a few points when you do so.
3. Limit Credit Checks
Avoid allowing others to run your credit as multiple inquiries can raise concerns.
4. Don’t Cosign Loans
Cosigning for someone else’s loan increases your financial obligations and can affect your eligibility.
5. Avoid Large or Unexplained Deposits
Large cash deposits can raise questions during the review process. Always consult your Financial Consultant before making significant transactions.
6. Postpone International Travel
Traveling overseas during the process can delay communication and document collection, which may slow things down, and delay your projected closing date.
The home-buying process doesn’t have to be overwhelming. By staying consistent, communicating openly, and avoiding major financial changes, you can help ensure a smooth path to closing. At UIF, we’re here to guide you every step of the way so you can focus on what matters most: finding the right home for you and your family.
