london mortgages

Things Not To Do Before Closing

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Things not to do before closing a sale

You have worked to secure financing for your mortgage, you have a great rate and terms for it. Everything is good, all you must do is wait for advancement of funds.

Sometimes you might suffer a lapse in judgement when it comes to the closing the sale of your home. It is sometimes a stressful time when it comes to these types of events, especially if it is your first time purchasing a home.

A mortgage lender might suggest a simple course of action, however sometimes this is misinterpreted by the buyer. Here is a list of things you should NEVER do in the time between your financing complete date (when everything is setup and looks good) and your closing date (the day the lender advances funds).

Don’t do anything that would reduce your income

When it comes to your employment don’t do anything that would jeopardize your employment or income with your existing employer. Getting a raise is fine but dropping from Full Time to Part Time status is not a good idea. The reduced income will change your debt service ratios on your application and you might not qualify.

Do not close any credit accounts

Even if you realize that you never use a certain credit card, for example, cut it up if you must, but do not cancel that line of credit while you are waiting to close the purchase of your home.

Don’t apply for new credit

if you find yourself at shopping for new furniture and they want you to finance your purchase right now… don’t. By applying for new credit and taking out new credit, you can jeopardize your mortgage. It is best to wait until everything is finalized before going out and buying new furniture for the house.

Do not buy anything with your closing cost. Nothing.

This means not one thing. Yes, you might need a washer and dryer, but wait until you close to order it. Don’t take a salesperson’s word that they’ll just write it up and hold it for you, because somebody will enter it into the store’s computer by mistake. Typically, the lender wants to see you with 1.5% saved up to cover closing costs… this money is used to cover the expense of closing your mortgage.

5 Tips for Home Staging

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Home staging tips picture

If you’re selling your home, why not use some of the proven home staging strategies to make your home even more appealing to buyers? Remember to declutter, clean, repair, depersonalize and decorate!

 

Declutter

Before you get started, imagine a potential buyer who is having a hard time picturing themselves living in a space that is too cluttered. While you have this image in the back of your head, go through every room and see what can be put away, stored in your basement or thrown away. Remember the idea of decluttering your house is to highlight each room and create an airy and uncluttered space. Helpful hint – when you are going through this process make sure you have some cardboard boxes and garbage bags.

 

Clean the House

It is hard to sell a home that does not smell fresh. Go through the house and dust all the rooms, wash the floors and windows, make the beds in the house and tidy up the closets. If you want your home to stay clean it is best to do these tasks regularly, while you must make your bed daily, you can get away with cleaning your closets and tiles monthly.

 

Repair the Walls, Ceiling and Floors

There is no need to start a large-scale renovation project, but it is helpful to have a few repairs done. When it comes to potential buyers, you want them to visualize themselves living in your home. When you are doing this go through each room in the house and repair the walls, ceiling and floors. Fill any holes, repaint the walls, door frames or change the floor covering. The main goal of this is to make all the rooms in the house appear uniform and give off a feeling of freshness.

 

Depersonalize the Rooms

Remember to take a critical look at your home and remind yourself that the main goal is to have potential buyers identify with your home. Keep the rooms in your house neutral by removing family photos, toys, collections, etc.

 

Choose a Modern Decor

To make sure that visitors and potential buyers feel at home in your house, choose light colours, such as white, light grey or beige. When decorating the rooms remember to select a few decorative items, without spending too much money on them. Change an old curtain, remove old carpeting and opt for simple items such as a mirror, candle or green plant.