I have been selling homes for the last 25 years, and have many things happened to prevent buyer’s from getting to close and move into their new home.
A big temptation for buyers after finding a home and getting an offer accepted is to make a large purchase prior to closing on their new home. I know this can be tempting but don’t do it. This is because many times the buyer is unaware that this will skew their debt to income ratio and cause issues for the loan possibly ended up in the buyer having to put more money down or being unable to obtain the loan.
I have also had house transaction fall apart when a buyer writes non-sufficient funds (nsf) checks prior to closing. This comes up when the lender for the house does a final bank account verification and up pops the nsfs. The lender is unable to move forward with the loan due to these nsf checks and the deal dies. Another issue item that can create problems in not paying Uncle Sam, income taxes need to be current.
Do not quit your job or decide to change careers until after your house is closed, as your ability to borrow is from your existing job. Talk to your lender or your realtor before any major decisions prior to closing your house purchase and it may depend on it.
Happy house shopping, and feel free to call my office anytime to discuss the do’s and don’ts for buying a home.