Are You Going on a Vacation While Buying a Home?

Are you thinking of going on vacation during the home buying process?  Hold that thought.  The work doesn’t end once you’ve signed the Contract.  If you are obtaining a mortgage, which most of us are, then you will begin with the application.  The application is where you initially sign disclosures and give your mortgage lender your financial documents.  The piece that most people forget about is that after that initial document request, your lender may ask for more documents or explanations by you about the documents you dropped off.  If you are going on vacation, which most of us are over this summer, you are putting your closing at risk or delay by not being around to obtain the documents.

Also, our spending habits change when we are on vacation.  We usually spend more.  When you’re purchasing a home, ideally you want to be able to show that you have as much money as possible, so you can afford any costs that come with purchasing the home.  If you deplete those bank accounts, once again, you are putting your closing at risk.

So ideally, wait until after the closing to go on vacation, but if you have to, tell your mortgage lender, so they can prepare your file and give you advice so that you will still reach the closing table, on time.

Keith Turner
860-444-0650
keitht@mccuemortgage.com