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What You Should Know As You Wait to Close on Denver Real Estate

July 5, 2017

Have you made an offer on a home on the Denver real estate market? If the seller accepts your offer, a closing date will be set that will likely be weeks or months away. As you wait for this closing date, there are a few things that you should keep in mind.

You will need to continue to work with your lender.

Many homeowners believe that their work is done after they are pre-approved for the mortgage and their offer is accepted by the seller, but this is not the case. It’s very likely that you will be in contact with your lender up until the closing date. The lender may get in touch with you at various times to verify important income or debt information. It’s recommended that you don’t do anything during this time period that will affect your credit score or change your debt to income ratio significantly. For example, applying for a new credit card could lower your credit score and cause your financing to fall through before closing.

Don’t forget to do the final walk-through.

A lot can happen between the time that you last saw the house and the closing date, which is why it’s important that you do a final walk-through of the home 24 hours before closing. Look for any signs of damage that weren’t in the home before so you can immediately report them to the seller. If the seller was supposed to leave certain appliances in the home as part of the deal, make sure everything is accounted for and if it’s not, notify the seller right away. Use Trulia’s final walk-through checklist to make sure you don’t miss anything during this crucial step of the closing process.

Begin looking for homeowners insurance.

The vast majority of lenders will require proof of homeowners insurance before officially transferring the money to you. Once a closing date has been set, begin researching homeowners insurance policies and requesting quotes so you can find the best deal. The earlier you get started on this, the better so you have more time to compare prices and policies. The lender will most likely contact the insurance company to verify your coverage, so make sure you check this item off of your list before closing.

Don’t change jobs.

If it’s possible, do not change jobs until you have closed on the house. The lender may view this as a sign that you are not reliable or that you are having trouble staying employed, which means you could be a high-risk borrower. If you have to change jobs, the lender will need you to send updated information regarding your employer and income. This could delay your closing date depending on how far ahead of time you let the lender know about the change in employment.  
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