What NOT To Do Before A Real Estate Closing
We understand that buying residential real estate is an exciting time. You’re probably already brainstorming how you can make your new home yours but as a veteran closing attorney here in Myrtle Beach, we’ve seen people learn the hard way about what NOT to do before closing on a piece of property and we don’t want that to happen to you. That’s why our team here at Grand Strand Law Group has compiled a list of things you SHOULDN’T do before your closing.
Don’t Touch Your Credit Report
Especially if you’re a first time home buyer. What may seem like a simple inquiry could actually mess up the closing process. Your lender will look at your credit and will let you know about any charge-offs you may have so you can get those resolved. Again, don’t seek out this information on your own – let your lender handle it.
Don’t Open Any New Line Of Credit
As tempting as it may be to purchase that new living room or bedroom set from a local furniture store on credit, this could cause the closing of your new home to fall through. Once you’ve closed, the deed has been recorded, and you’ve been given permission to enter your new home, then you’re in the clear to open a new line of credit.
Don’t Close Any Credit Cards
This may seem like it wouldn’t be that big of a deal, but it is! The bank you’re financing from is watching your credit score like a hawk. Experts say canceling a credit card, even if you have a $0 balance, can end up hurting your credit score. Be patient – these things can wait until after closing.
Overall, before you make any big decisions regarding your finances it’s best to consult your lender before going through with it. If you have any questions or concerns regarding a residential or commercial real estate closing, our team here at Grand Strand Law Group would be more than happy to help you! Don’t hesitate to reach out to us!