Under Contract on a Lot? Keep Your Finances Stable Until Closing (Avoid These Common Mistakes)
Under Contract on a Lot? Keep Your Finances Stable Until Closing (Avoid These Common Mistakes)
A land deal can fall apart for a frustrating reason:
You did everything right… and then your financing changed.
Many lenders re‑verify finances before closing. That means the weeks between contract and closing are not the time to “clean up” your life with new credit moves.
The rule: freeze your financial picture
Once you start financing (or go under contract), assume your lender wants everything to look the same as the day you got prequalified.
What NOT to do (seriously)
- Don’t open new credit cards
- Don’t finance vehicles/boats/toys
- Don’t co‑sign for anyone
- Don’t make large unexplained deposits
- Don’t change jobs without talking to your lender
- Don’t move money around in confusing ways without documentation
What you should do
- Keep steady pay stubs and bank statements
- Document any large deposits clearly (ask your lender first)
- Pay bills on time and avoid new debt
- Communicate early if anything changes
Why this matters for land
Land financing can already be stricter than home financing. The smoother your file is, the fewer surprises you’ll face when it’s time to close.
Want help matching a lot to the right financing plan?
Text/call Kyle Ritter at (830) 998-4412 or email [email protected] and tell me:
- the lot link
- your target build timeline
- whether you want a builder now or later
If you need a lender who understands land + new construction in the Hill Country, here’s my preferred new construction lender:
Scott Thomas (Owner/Broker | NMLS# 778178)
M: (210) 422‑2114
E: [email protected]
Harbor Financial Mortgage | NMLS# 2544195
Disclaimer: This article is for general education only and isn’t legal, engineering, or lender advice. Always verify restrictions, utilities, flood status, and build feasibility with the appropriate professionals and the local jurisdiction.
