I remember well the quiet period, from when I bought my first house … anxiety, questioning, wondering what I was doing that was inevitably going to screw things up.
What is the “quiet period,” or the time with little communication just before closing on a home purchase?
- Found the house? – check
- Contract? – check
- Inspection? – check
- Inspection negotiated and satisfied? – check
- Appraisal and financing sorted? – check
- Attorney doing their thing with title work? – check
Closing is next on the calendar … what should you be doing?
Nothing, really. This is the quiet period, the interminably quiet period where there isn’t much to be done except wait for the time to call and change utilities, and do the final walkthrough just prior to closing.
That’s all there is to do, except this:
Finally, the buyer has come so far, but can be derailed after pre-qualification, so listen to your loan officer’s (and your Realtor’s) advice.
- Don’t make major purchases (ie: car, washing machine, refrigerator) on credit or with cash, if that depletes reserves until after closing or after discussing with your officer.
- Don’t make changes to your employment, unless you discuss with your loan officer.
- Don’t apply for new credit cards
- There are a variety of more “don’ts” and they are fairly obvious. The key here is talk to your loan officer about any significant changes you would like to make first.
- If you get married during the transaction, please let everyone know!