TikTok Real Estate Agent Shares What Not To Do When Closing On A Home

Closing on a home, aka the final stage of buying a property, can be an exciting but stressful time. If you're a first time buyer, you might feel a bit overwhelmed and unsure of what you should do when closing on a property (and what you definitely shouldn't). While some things are common knowledge, others aren't so obvious and could even lead to the sale falling through. Luckily, TikTok real estate expert @jaelintherealtor has got you covered with things you should never do when closing on a property. 

From making big financial decisions to drawing back on anything that could affect your credit score, the list of things you shouldn't do during the closing process can feel like a minefield. However, realtors like Jaelin essentially have the inside scoop on what will and won't fly during this tricky time. By following the below tips, it's much more likely you'll be able to close on your house faster and have the keys for your new home in your hand sooner rather than later. 

The first thing you should absolutely never do is transfer large sums of money either in or out of any of your bank accounts. To your underwriter, this will flag up as an inconsistency and as something to be potentially worried about. In the comments of her TikTok, @jaelintherealtor confirmed that what's counted as a large sum is anything that's half or more of your monthly income. You also should not open or close any new bank accounts, as this will affect your credit score. Be aware of opening any new credit cards, too.

Generally, when it comes to credit, now is not the time to go big — @jaelintherealtor advises keeping your credit utilization score (i.e. the amount of credit available to you versus what you use) below 3%. On a similar level, never quit your job or start a new one when closing on a property. A big financial upheaval like this could lead to a very delayed sale at best and losing the property at worst. It's best to keep everything as stable as possible when in the process of closing, so keep any large decisions (including buying expensive new furniture) for after you have the keys in your hand.

Another thing you should be aware of is to keep up with your bills. It's easy for things to slip your mind while in the busy closing process, but even just one missed or late payment can negatively impact your credit score. If you can, set up an automated payment schedule for any monthly bills like your rent or phone bill. This way, you're not putting yourself at risk for forgetting to pay anything.

In summary, the key things to remember are to not transfer any large sums of money in and out, to leave your bank accounts alone, to never make any large life decisions like quitting or getting a new job, and to keep your credit utilization score low. The most important thing is ensuring your ideal credit score remains stable so your ability to buy the property you're closing on doesn't come into question. Closing on a house can definitely be a tense time, but it's more than worth it to stick to the above advice so you can move into your dream place (hopefully) without a hitch.