You have an accepted offer on your dream home, and now you’re counting down the days until closing. Everything feels like it’s falling into place — but there are a few common mistakes that could put a snag in your big day. After more than 30 years of helping buyers and sellers get to the closing table, here are five things to watch out for.

Changing Jobs Without Telling Your Lender

This one catches more buyers off guard than you’d think. If you change jobs during the closing process and forget to tell your lender, it could affect your loan eligibility. All of your loan paperwork may need to be redone. If you’re staying in a similar line of work and earning about the same amount or more, it’s usually manageable. But if you go from being a W-2 employee to self-employed, it could affect your eligibility for up to two years. The bottom line: if a job change is on the horizon, talk to your lender before making any moves.

Applying for New Credit

It might seem harmless to open a new credit card or finance some furniture for your new home, but that application triggers a credit inquiry. That inquiry can make you look risky to your lender, and it could change your credit score enough to affect your loan approval. The rule is simple — don’t apply for any new credit from the time your offer is accepted until after you’ve closed.

Seller Doesn’t Complete Agreed-Upon Repairs

Sometimes a seller agrees to make repairs before closing — maybe items that came up during the home inspection or were noted in the appraisal. If those repairs don’t get done, it can create serious problems. If the repairs were tied to the appraisal, the loan may not go through at all. If they were inspection items you negotiated, you may have to postpone the closing or, in a worst-case scenario, get attorneys involved. This is where having an experienced agent who stays on top of deadlines and follow-up makes a real difference.

The Appraisal Comes in Short

A low appraisal is one of the most stressful situations in a real estate transaction. If the appraised value comes in below the purchase price, the lender will reduce the amount they’re willing to loan you. That means you’ll need to come up with extra money to cover the difference at closing — unless the seller agrees to renegotiate the price. If the seller won’t budge and you can’t cover the gap, the deal could fall apart entirely. Working with an agent who understands local values and can help negotiate through this situation is critical.

Forgetting to Get Homeowner’s Insurance

This one is easy to overlook in all the excitement of buying a home, but your mortgage company will require one year of homeowner’s insurance paid up front before closing. And your insurance company may need a few days to put together your new policy and get all the paperwork in order. If you wait until the last minute, it can delay your closing. Get your homeowner’s insurance lined up early in the process so it’s one less thing to worry about.

Get to the Closing Table Without the Stress

None of these snags have to happen to you. The key is knowing what to avoid and having the right team guiding you through the process. Sue and Travis Derby have helped over 1,000 buyers and sellers get to the closing table successfully throughout Waukesha County — including Waukesha, Brookfield, Pewaukee, New Berlin, Menomonee Falls, Oconomowoc, Delafield, and Mukwonago.

Buying or selling a home and want to make sure closing day goes smoothly? Contact Derby Realtors at DerbyRealtors.com — we’re here to help you avoid the pitfalls and get to the finish line.