What Not to Do After Closing on a House

What Not to Do After Closing on a House

What Not to Do After Closing on a House

By Mark Spain Real Estate

For some home buyers, keeping up with all the moving parts of closing on a house can be a struggle. With so many things to account for, from finances to moving arrangements, checking every box on the post-closing checklist can be challenging. 

By working with the experts at Mark Spain Real Estate, you can ensure you take all the right steps toward a successful home closing. With decades of valuable industry experience, our team offers exclusive market insight to help you navigate all of the complexities of the closing process. For buyers looking to learn more about mistakes to avoid when closing on a house, this blog is for you. Read below for more information on what not to do after closing on a home. 

What Not to Do After Closing on a House

Don’t Ruin Your Credit Score

Credit scores are a common culprit in delaying the home closing process. If you’re paying for your home using a mortgage loan, your credit holds a lot of weight in your closing timeline. Say you applied for your loan with an exemplary credit score, but then your score drops during the mortgage underwriting process. In this case, you could hurt your debt-to-income ratio and disqualify your loan. 

As a new homeowner, avoid making the mistake of overlooking your finances throughout the closing process. To best protect your credit score after closing on a house, we recommend avoiding the following actions:

  • Applying for a new credit card
  • Making big purchases on your credit card
  • Reducing your credit limit
  • Missing a credit card payment
  • Closing a credit card
Don’t Switch Jobs

A consistent income stream is vital to the home closing process, especially if you’re taking out a loan. During underwriting, your lender will carefully review your financial information to confirm your loan eligibility. In particular, one of the things they will look for is income consistency.

So, while buying a home might have inspired you to make more life changes, now is not the time to quit your day job and go after a new career. Ultimately, you should hold off on any significant job changes until the closing process is complete to ensure you’re on track to receive your loan. You’ll also want to have a consistent income to pay for closing costs and monthly mortgage payments once everything is said and done. 

Don’t Forget to Document Your Home’s Condition

Unless you have a photographic memory, you’ll want to snap pictures of your home before moving day comes. After home inspections and final walkthroughs are squared away, you’ll want to document your home’s condition in its initial state. Whether you’re planning to renovate, strategizing furniture placement, or prepping to repaint every inch of the home, photos of the house when it’s completely untouched will help you make big decisions later. Don't forget to document your home's condition when closing on a house

That being said, we recommend holding off on any significant renovations until you’re fully settled in. As mentioned above, you’ll want to avoid big spending straight out the gate, and extensive remodels often come with a hefty price tag. However, more straightforward repairs and home improvements are welcome. 

Don’t Skip Paperwork Filing and Organization

It can be challenging to keep track of things amid the chaotic shuffle of the moving process. However, there are certain items you most definitely do not want to lose. When settling in, filing away your mortgage and closing documents in a safe space is essential. This way, if you ever need to review your interest rate or mortgage insurance later on, you’ll know exactly where your documents are located. With today’s modern technology, you can also digitize these documents before storing them. However, we always recommend keeping the hard copies for safekeeping. 

Don’t Forget to Change the Locks

Receiving the keys to your new home is an exciting moment. And for many first-time home buyers, it’s easy to get carried away in the thrill and overlook necessary steps like changing the locks. Don't forget to change the locks when closing on a house.

Remember that your home’s previous owner might have copied the keys and given copies to others. This could include your house key and keys to your mailbox, outdoor shed, and any other miscellaneous locks linked to your property. To protect your home from a potential break-in, you should immediately change your locks. Upon moving in, schedule a visit with your local locksmith to change locks throughout the house. 

Closing on a House with Mark Spain Real Estate

Are you ready to buy a home? The industry professionals at Mark Spain Real Estate are here to help you every step of the way. Delivering unparalleled customer satisfaction, our team of expert listing consultants will help you navigate your local real estate market hassle-free! Check out our Guaranteed Offer Program for the potential to receive a competitive cash offer on your home in only 21 days. Contact our agents today!

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