What Not to Do After Going Under Contract While Buying a Home in Phoenix, AZ

Congratulations! You’ve made it under contract on a home in Phoenix—a huge milestone worth celebrating. But as exciting as this step is, it’s important to know that the journey isn’t over yet. In fact, what you do (and don’t do) between now and closing day can make all the difference. Let’s walk through some common pitfalls to avoid so your path to homeownership stays smooth and stress-free.

Don’t Make Big Financial Changes

It’s tempting to start planning for your new life by buying furniture or even a new car, but hold off for now. Opening new credit cards, taking out loans, or making major purchases can change your credit profile and debt-to-income ratio. Lenders will check your financial status again before closing, and any big changes could jeopardize your loan approval.

Don’t Skip or Delay Inspections and Appraisals

It might seem like a formality, but inspections and appraisals are critical. Skipping or delaying them can put your earnest money at risk and leave you with unwanted surprises. In Phoenix, where unique issues like HVAC performance or termite activity can crop up, a thorough inspection is especially important.

Don’t Ignore Your Lender

Your lender may reach out for additional documentation or clarification. Prompt responses keep the process moving. Ignoring these requests can cause delays or even derail your closing. Treat every communication as urgent, even if it seems minor.

Don’t Make Large or Unexplained Bank Transfers

Big deposits or transfers in your bank account can raise red flags for lenders, who are required to verify the source of your funds. If you need to move money, talk to your lender first and keep clear records to avoid unnecessary complications.

Don’t Change Jobs or Employment Status

Stability is key during escrow. Even if you’re offered your dream job, switching employers or becoming self-employed can disrupt your loan approval. If a change is unavoidable, consult your lender right away to understand the potential impact.

Don’t Make Large Purchases

That new sectional sofa or high-end refrigerator can wait. Large purchases can affect your credit and available funds, both of which are closely monitored by your lender until closing. Keep your spending steady and save the shopping spree for after you get the keys.

Don’t Neglect Homeowners Insurance

Securing homeowners insurance is a must before closing. Procrastinating here can delay your move-in date. Shop around, compare quotes, and have your policy ready to go so there are no last-minute surprises.

Stay Steady for a Smooth Closing

It might feel like you’re in a waiting game, but staying on top of these details is crucial. By avoiding these common missteps, you’ll put yourself on the best path toward a smooth, successful closing—and soon, you’ll be settling into your new Phoenix home with peace of mind.