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Avoid these missteps before closing escrow

Posted by The Aramco Group on Fri, Sep 1, 2017 @ 14:09 PM

In the final days of the home buying process, it can be tempting to start shopping for new household items or maybe taking a short vacation before the dreaded packing and unpacking. But according to industry experts, these are among some of the behaviors to avoid right before the close of escrow.

Going out of town in the homestretch of the buying process could leave your lender or realtor unable to find you when they need you most. Documents needing signatures or scheduling that final walkthrough may need to take place while you've decided to get away.

Experts advise stability all around in the final days of the process. Avoiding changing jobs could prolong escrow as can taking on new debt. Underwriters continue to evaluate credit profiles, bank statements and debt-to-income ratios through the end. Steering clear of anything that might throw them off is best practice.

Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 3.875 percent while 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.