2338: Things to Consider Before Closing on Your Next House by Philip Taylor of PT Money on Buying Real Estate Tips

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 11 June 2023

⏱️ 7 minutes

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Summary

Philip Taylor of PT Money reminds you of what to consider before closing on your next house. Episode 2338: Things to Consider Before Closing on Your Next House by Philip Taylor of PT Money on Buying Real Estate Tips PTMoney.com is about helping you make extra money, save more money, and spend your money wisely--all in an effort to help you fix your finances so you can build the life you want. It was started by Philip Taylor, a CPA, entrepreneur, and blogger who started the site in 2007. He also created FinCon, the popular conference for financial nerds. The original post is located here: https://ptmoney.com/closing-on-a-house/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, episode 2338, things to consider before closing on your
0:06.6	next house by Philip Taylor of PTMoney.com and I'm your host and personal finance enthusiast
0:13.4	Diana Mariam.
0:15.1	Welcome back to Optimal Finance Daily, where every day I read and offer commentary on some
0:20.0	of the best personal finance blogs on the web in about 10 minutes or less.
0:24.8	So with that, let's get right to our next article, as we optimize your life.
0:33.5	Things to consider before closing on your next house by Philip Taylor of PTMoney.com
0:40.2	We recently closed on our new home purchase, hooray, I'm the newest homeowner you know.
0:46.2	I thought it might be helpful to share some lessons learned from my experience.
0:51.6	Firstly, you can still cancel the deal.
0:55.5	Even though you have a signed sales contract and signed lender application, you can still
1:00.5	technically cancel the deal.
1:02.5	Don't feel like you're completely trapped into this deal.
1:04.9	If you find a reason not to close like you lost your job or you got sick, then don't
1:09.7	take on a mortgage that you won't be able to handle.
1:12.6	Keep in mind though that you've paid earnest money and that might be forfeited.
1:16.8	Also, the seller could potentially sue you for breaking the sales contract.
1:21.6	Still, neither is worse than taking on a loan that you cannot pay back.
1:26.2	This is serious debt and will ruin your credit for a long time if you couldn't handle it.
1:31.6	2.
1:32.6	Avoid committing too much to closing day.
1:35.5	You don't own this home until you close the loan and transfer the deed with the title
	...

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