Don't Change a Thing Until Your Escrow Closes

Reblogger Barbara Calwhite
Real Estate Agent with Keller Williams Realty of Southwest Missouri

ATTENTION ALL BUYERS!!!  This means you.  Wait until after closing to buy that new furniture.  Put it in lay-away if you have to but do not buy it.

Take this post to heart and it will keep you out of trouble.

Original content by Fran Gatti OR#200608197

changesDon't change a thing until your escrow closes. 

What does that mean exactly?

  • Don't charge anything on your credit cards

  • Don't get married

  • Don't get a divorce

  • Don't purchase a car

  • Don't change jobs

  • Don't start attending school

  • If you're attending school already, don't take out additional student loans

  • Don't borrow any money

  • Don't retire


Why not?  Underwriters are checking their list and checking it twice.  It is becoming common for an underwriter to rerun credit and do additional verification of facts right up to funding.  A little change, like deciding to retire or purchasing a car could send your underwriter into paroxysms and bring your escrow to an untimely death.  In order to keep your purchase from becoming a dead escrow, keep your situation, not just financial but everything, the same as it was the day you completed your loan app.  If you HAVE to change something, call your lender and ask how it will effect the loan BEFORE you actually make the change. 

Please take this to heart.  The loan process has become a mine field.  Lenders and banks, once a permissive lot who gave out money to anyone who could fog a mirror have gone to the other extreme and now want documentation, verification, attestation, authentication, certification, confirmation, information and substantiation and they may want it more than once during the loan process. 

To repeat, don't change anything with your life situation during your escrow.  Keep your situation the same throughout the escrow process and things should go relatively smooth at least as far as your qualifying for the loan goes. 

There are other mountains to scale during the escrow process for instance the appraisal...the grand Pooh-Ba of the escrow process.  We'll save appraisal pitfalls for another day.

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Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran Gatti. Put Fran to work for you!

 Fran Gatti Del Norte County Real Estate Agent

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Ed Macias
Real Estate Teammates - Miami, FL
Miami FL-REO Property Management Multifamily

Yes. Don't even finance a cup of coffee. I work referrals. If you are interested let me know.

Jul 08, 2010 03:39 AM #1
Stephanie Stringer
First Choice Loan Services NMLS#210764 - San Antonio, TX
Mortgage Loan Originator

Barbara,  Great post and so true... Repulling credit right before or the day of credit is a new guideline in the mortgage lending world.   All we can do is preach, preach and preach to the buyers so there will be no unexpected delays in the closings.

Jul 08, 2010 03:39 AM #2
Jody Lautenbach
Century 21 Premier Associates - Pella, IA

It's always hard to wait for things - but in buying a house wait or it won't happen. I've had buyers do that and regret it when the loan about didn't close. Great don't list!

Jul 08, 2010 03:40 AM #3
Zak Lovenson
Zorell Investments, Inc. - Thousand Oaks, CA

Sooo true - especially in today's lending environment.  You never know, it could be the 6th time you say it to a client that they finally get it.  Like Stephanie says - you gotta preach it!! 

Jul 08, 2010 03:45 AM #4
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Thanks for the reblog, Barbara as I had missed the original!  Buyers get SO excited regarding their upcoming closing that it's hard for them to resist new purchases for their home - they HAVE to resist!  It could mean the whole deal if they don't!

Wake Forest NC House Chick

Jul 08, 2010 11:32 PM #5
Not a real person
San Diego, CA

And don't change bank accounts, even if you are absolutely furious with your current bank.

Jul 11, 2010 09:59 PM #6
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Howard County & Catonsville

I am so glad that Maryland is a "wet" settlement state. At the settlement table it is a done deal.

Jul 28, 2010 06:45 AM #7
это вообще пизец такую порно шнягу еще кто смотрит?!?! письку онлайн это полная жесть! я попытался посмотреть, но это извращение только для извращенцев!
Jun 14, 2013 02:29 AM #15
Дорогие мои зоофильчики и любители побаловаться с животными. Ведь есть с реди вас и нас есть любители потрахать корову, или собачку, Хочу вас предостеречь что сношаться хоть и приятно но законом не приветствуется! Так что закрывайтесь в укромном местечке и наслаждайтесь, но только никому не рассказываете! А лично я люблю бритенькие мокренькие писечки молоденьких девочек
Jun 15, 2013 11:10 PM #16
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Barbara Calwhite

417-438-7387 Specializing in Relocation
Ask me about finding a new home!
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