Common Las Vegas Closing Mistakes
You have found the right Las Vegas home and are now waiting to close. This time can be stressful because you are not sure if the deal will actually go through while also trying to prepare to move into your new home. When you find yourself in this “limbo” period, avoid making these Las Vegas closing mistakes which can prevent you from being able to close on the home in the end.
Spending Money on New Furniture
The excitement of owning a new home can cause you to want to buy new furniture to fill the home. This kind of shopping spree can get very expensive very fast. You most likely will not have the money on hand to afford these large purchases, which means you will have to pull out the credit cards to purchase. Believe it or not, this purchase can raise a red flag for lenders because you will need to pay that money back. This payment can also impact your debt-to-income ratio, which is concerning to lenders for many reasons.
Purchasing a New Car
You may think buying or leasing a new car now while your bills are paid off is a good idea; for most people it is not. This new purchase means you will most likely be spending more per month on bills than was originally calculated. So, unless it is an emergency, consider waiting until you have gotten settled in your new home to make a new car purchase.
A Change in Pay
Getting a new job – even if it the same amount of money or even more money – can slow down the closing process. This is because the lenders don’t have the paperwork to feel confident about this change in your finances. The best thing you can do if you are in this situation is to work with your lender to let them know immediately about the change while making sure you have all of the correct paperwork ready for them.
Getting Money for the Down Payment
You will need to have money saved up for the down payment and closing. To get this kind of available cash, some homebuyers take money from their retirement while others choose to take out a line of credit. This choice can once again affect your debt-to-income ratio which can cause a delay in the closing process, or, even worse, cause you to lose the home altogether.
Buying a Las Vegas home needs to be done the right way in order to be successful. By making poor financial choices you run the risk of setting yourself up for these common Las Vegas closing mistakes. If the lenders are not confident you will have the ability to repay the loan you will miss out on the home.