Moving to Florida to retire is a dream for many couples, but it’s important to understand that even after receiving the "clear to close" (CTC) on a mortgage, the process isn't completely over. Lenders perform a final job verification to ensure your employment status hasn’t changed—and this can make or break your loan.
Take the story of a couple who recently retired and decided to settle in sunny Florida. Everything seemed perfect: they got their CTC, and closing day was just around the corner. But then, the wife transferred her retirement payments into the school board system, assuming that all the loan details were finalized. What they didn’t realize was that this action changed her employment status, which triggered an issue with their lender during the final verification.
When your situation changes—whether it’s employment, income, or other financial details—the terms of your loan can change, too. While lenders do everything they can to get you to closing, those final checks are a critical safeguard for both borrowers and lenders.
The Lesson? Don't Make Changes Until After Closing
To avoid surprises:
Keep your job status steady until after the loan is fully closed.
Communicate with your lender if any changes are anticipated.
Wait to make major financial moves—like retirement transitions—until your home purchase is complete.
Securing your dream home involves more than just signing paperwork. Stay consistent and informed throughout the process, and you’ll be ready to enjoy your new home worry-free.
Need advice or have questions about the mortgage process? We’re here to help guide you every step of the way.