5 THINGS NOT TO DO DURING THE CLOSING PROCESS IF YOU ARE GETTING A LOAN

 

By Dolores Pérez Islas

CEO SILMEXICO

 

 

1. CHANGE YOUR MARITAL STATUS

How you hold a title is affected by your marital status. Be sure to make your seller, lender, and notary in Mexico aware of any changed in your marital status so that your documents can be prepared correctly.

2. CHANGE JOBS

A job change may result in your loan being denied, particularly if you are taking a lower-paying position or moving into a different field of work. Don’t think that you are safe just because you’ve received approval earlier in the process as the lender may call your employer to re-verify your employment prior to funding the loan.

3. SWITCH BANKS OR MOVE YOUR MONEY TO ANOTHER INSTITUTION

After the lender has verified your funds at one or more institutions, the money should remain there until it is needed for the purchase, especially if you opened a Mexican bank account to prove your financial status.

4. PAYING OFF EXISTING ACCOUNTS UNLESS YOUR LENDER REQUESTS IT

If your loan officer advises you to pay off certain bills in order to qualify for the loan, follow that advice. Otherwise, leave your accounts as they are until your escrow closes.

5. MAKE ANY LARGE PURCHASES

A major purchase that requires a withdrawal from your verified funds, or increases your debt, can result in you not qualifying for the loan. A lender may check your credit or re-verify funds at the last minute, so avoid purchases that could potentially impact your loan approval.

 

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