Wayzata Real Estate & Wayzata Homes for Sale | GUSTAFSON
Dan Gustafson
952-473-1000952-473-1000
logo-icon

Wayzata Real Estate & Wayzata Homes for Sale | GUSTAFSON
Realtor Dan Gustafson lives/works in Wayzata, MN and provides unparalleled service to buyers & sellers at every price.

Top 8 things not to do before closing on your home loan

If you are in the process of buying a new home or refinancing your existing home, there are a number of actions that you absolutely should not take prior to closing. In no particular order, here are the top 10 ways to not screw up your deal:

Don’t buy a car

This one is self explanatory. Don’t buy or lease an auto before closing. Also, don’t trade in an auto. There are examples left and right that someone traded in a car, and the lender saw it on a soft credit pull 3 days before the close. When the lender sees a new trade line, it becomes an issue. It becomes a huge headache to document–including going back to the dealership, showing the old car was paid off, verifying the new payment, then you have to go to the credit burea and have it fixed. This kind of thing adds a ton of issues and can put your financing in jeopardy particularly if your debt to income ratios are in question.

Don’t move assets around

Anytime an asset is moved from checking to savings, or a distribution from an IRA–all the transfers have to be documented to your lender. It makes it very simple to keep things in a savings account without transferring the funds.

Don’t change jobs

There is a verbal verification of employment before closing on every loan. When you are no longer working at the job you indicated on your mortgage application this really can screw up your ability to purchase or finance a home. On top of that, you really don’t want to switch professions when you have a mortgage application in and before you have closed. Verifying the new employment can add a ton of issues that otherwise do not need to be there.

Don’t buy furniture

People have the tendency to get so excited about a new home that they rush out to the furniture stores with a floor plan in hand and start dreaming about all the nice new furniture they can put into their new home! The problem is that the dream turns into reality when the furniture salesmen does his job and offers easy financing!!! All of sudden the new home you need the furniture for is in jeopardy because of the furniture you want to put into. ┬áPatience is a virtue, so don’t run out and buy furniture until after the closing.

Don’t rack up credit card debt

When your credit card balance jumps from $2,000 to $11,000 before the closing, the lender is going to see this with a soft credit pull. It also adds to the debt to income ratio–and the buyer in this example had to pay off their credit card in order to close on the house.

Don’t go out and apply for new debt

Here’s a recurring theme–there is a soft credit pull before your close on your loan. Any inquiry for new debt is going to put your loan at risk. Just don’t do it–and this applies to furniture, appliances, Sears, Wal-mart–whatever. Just say no.

Don’t consolidate bills

Bill consolidation is best left for another time and can screw up your closing just like the rest of these items.

Don’t pack up all your financial documents and tax returns

You may need something prior to close, and if it’s in a trailer, truck, or storage location you can’t access, you could be in trouble.

Most of this stuff should be pretty self explanatory, and these are just reminders for you. Basically the message is don’t take any financial action prior to close!!

If you have any questions or comments, let us know we’d be happy to help! Dan (952) 473-1000 or Elisha (952) 473-9000.

Wayzata Listings

259 E Lake Street, Unit 307

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 1872 sq ft
  • $1,299,900

1112 Hollybrook Drive

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 3354 sq ft
  • $384,900

875 Lake Street N, Unit 316

Wayzata, MN

  • 1 Beds
  • 2 Baths
  • 1110 sq ft
  • $685,000

330 Pondridge Circle

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 1620 sq ft
  • $1,895

415 Waycliffe Drive S

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3264 sq ft
  • $645,000

1045 Lake Street E

Wayzata, MN

  • 3 Beds
  • 2 Baths
  • 1894 sq ft
  • $525,000

190 Westwood Lane

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $795,000

16451 Mcginty Road W

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 6186 sq ft
  • $2,350,000

358 Central Avenue S

Wayzata, MN

  • Beds
  • 6 Baths
  • 1322 sq ft
  • $1,800,000

338 Waycliffe Drive N

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3265 sq ft
  • $925,000

502 Shoreline Drive

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 4039 sq ft
  • $785,000

215 Barry Avenue S, Unit 209

Wayzata, MN

  • 1 Beds
  • 1 Baths
  • 724 sq ft
  • $200,000

105 E. Lake Street, Unit 305

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 2220 sq ft
  • $1,215,000

675 Hillside Drive

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 5453 sq ft
  • $999,900

105 E. Lake Street, Unit 203

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2480 sq ft
  • $1,447,000

105 E. Lake Street, Unit 202

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2270 sq ft
  • $1,135,000

105 E. Lake Street, Unit 301

Wayzata, MN

  • 4 Beds
  • 3 Baths
  • 4160 sq ft
  • $2,399,000

190 Gleason Lake Road

Wayzata, MN

  • 4 Beds
  • 3 Baths
  • 3600 sq ft
  • $3,800

105 E. Lake Street, Unit 101

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3000 sq ft
  • $1,390,000

398 Waycliffe Drive N

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3638 sq ft
  • $835,000

972 E Shady Lane

Wayzata, MN

  • 5 Beds
  • 7 Baths
  • 7374 sq ft
  • $10,000

348 Waycliffe Drive N

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3719 sq ft
  • $950,000

901 E Lake Street, Unit 202

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 1998 sq ft
  • $1,450,000

259 E Lake Street, Unit 304

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 3172 sq ft
  • $2,399,900

329 Broadway Avenue N

Wayzata, MN

  • 5 Beds
  • 5 Baths
  • 3272 sq ft
  • $999,900

875 Lake Street N, Unit 201

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2370 sq ft
  • $1,395,000

365 Ferndale Road N

Wayzata, MN

  • 4 Beds
  • 3 Baths
  • 2050 sq ft
  • $2,499

1607 Holdridge Terrace

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $400,000

816 Park Street E

Wayzata, MN

  • 3 Beds
  • 2 Baths
  • 1666 sq ft
  • $524,000

935 E Lake Street, Unit 404

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 5000 sq ft
  • $4,900,000

3 Bushaway Road

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $695,000

2 Bushaway Road

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $650,000

875 Lake Street N, Unit 408

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 2650 sq ft
  • $2,000,000

155 Wooddale Avenue

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 5354 sq ft
  • $949,800

240 Minnetonka Ave, Unit 102

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $176,160

240 Minnetonka Ave, Unit 103

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $262,560

534 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3776 sq ft
  • $1,740,000

530 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3601 sq ft
  • $1,700,000

214 Byrondale Avenue N

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3619 sq ft
  • $885,000

399 Ridgeview Drive

Wayzata, MN

  • 4 Beds
  • 3 Baths
  • 3100 sq ft
  • $599,900