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

1107 Hollybrook Drive

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 2022 sq ft
  • $425,000

956 E Shady Lane

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 4564 sq ft
  • $2,890,000

140 Highland Lane

Wayzata, MN

  • 5 Beds
  • 7 Baths
  • 6538 sq ft
  • $2,455,000

607 Gardner Street

Wayzata, MN

  • 3 Beds
  • 2 Baths
  • 1845 sq ft
  • $450,000

155 Wooddale Avenue

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 4450 sq ft
  • $885,900

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

325 N Barry Avenue

Wayzata, MN

  • 5 Beds
  • 3 Baths
  • 2375 sq ft
  • $399,000

460 Peavey Road

Wayzata, MN

  • 5 Beds
  • 4 Baths
  • 5160 sq ft
  • $1,850,000

875 Lake Street N, Unit 218

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1570 sq ft
  • $799,000

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
  • $625,000

625 Locust Hills Drive

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 4973 sq ft
  • $2,495,000

191 Hunters Glen Road

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 4203 sq ft
  • $735,000

540 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3601 sq ft
  • $1,795,000

875 Lake Street N, Unit 211

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1250 sq ft
  • $750,000

105 E Lake Street, Unit 203

Wayzata, MN

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

1112 Hollybrook Drive

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 3062 sq ft
  • $369,900

1430 La Salle Street

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 3384 sq ft
  • $859,900

1509 Hollybrook Road

Wayzata, MN

  • 3 Beds
  • 3 Baths
  • 2100 sq ft
  • $599,900

1406 Holdridge Lane

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $199,000

1700 Holdridge Circle

Wayzata, MN

  • 3 Beds
  • 2 Baths
  • 2340 sq ft
  • $459,900

205 Barry Avenue S, Unit 111

Wayzata, MN

  • 1 Beds
  • 1 Baths
  • 724 sq ft
  • $139,500

322 Bushaway Road

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 5879 sq ft
  • $2,350,000

110 Gleahaven Road

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 5225 sq ft
  • $1,199,900

110 S Minnetonka Avenue

Wayzata, MN

  • 4 Beds
  • 4 Baths
  • 3148 sq ft
  • $875,000

524 Rice Street E

Wayzata, MN

  • 3 Beds
  • 4 Baths
  • 3646 sq ft
  • $1,679,000

520 Rice Street E

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2907 sq ft
  • $1,495,000

972 E Shady Lane

Wayzata, MN

  • 5 Beds
  • 7 Baths
  • 7374 sq ft
  • $3,249,000

875 Lake Street N, Unit 204

Wayzata, MN

  • 2 Beds
  • 3 Baths
  • 2190 sq ft
  • $1,299,999

875 Lake Street N, Unit 316

Wayzata, MN

  • 1 Beds
  • 2 Baths
  • 1110 sq ft
  • $699,900

460 Highcroft Road

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $1,825,000

686 Ferndale Road W

Wayzata, MN

  • 4 Beds
  • 8 Baths
  • 7750 sq ft
  • $5,995,000

641 Harmony Circle

Wayzata, MN

  • Beds
  • 0 Baths
  • 0 sq ft
  • $295,000

601 Bushaway Road

Wayzata, MN

  • 5 Beds
  • 8 Baths
  • 10016 sq ft
  • $6,750,000

295 Whitegate Lane

Wayzata, MN

  • 6 Beds
  • 5 Baths
  • 5767 sq ft
  • $1,190,000

105 E Lake Street, Unit 107

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 1370 sq ft
  • $725,000

105 E Lake Street, Unit 305

Wayzata, MN

  • 2 Beds
  • 2 Baths
  • 2090 sq ft
  • $1,215,000