Banks are getting very cautious about real estate home mortgage loans these days — right up to the closing date.
5 Things that will ruin your closing
- Bad Lender
- Bad Lender - Oh, I already said that! But a good lender can save the day! Call me for some of the best lenders to use for this area, Darin Michl 801-888-1800. Make sure you give the lender everything they ask for, no matter how redundant it may sound and when they ask you for more information, supply it asap. Stay in communication with your lender and talk to your loan officer the morning of closing and find out the amount of your certified check. If you are paying any of your closing costs or bringing a downpayment to closing, you will need to have a certified check when you arrive to sign the papers.
- Buying Big Ticket items like furniture, cars or anything that requires a pull of your credit between your loan application and getting the keys in your hand. Even applying for a new credit card can trigger a credit-score inquiry, which could reduce your credit score and threaten your home loan.
- Changing jobs right before closing. Any career move you make could jeopardize your home mortgage loan.
- Make sure you pay all of your debts on time until you get the keys to your house. Prepare for a last-minute credit check. With new rules initiated by Fannie Mae’s loan quality initiative, which went into effect June 1, banks and lenders will likely make a second credit check right before closing. So if you miss any credit-card payments or are late on a mortgage payment between the time you were approved for a mortgage and the actual closing date, you may be putting your new home purchase in jeopardy.
These are the most common things that can ruin your closing. By working closely with a real estate professional and professional loan officer, you can avoid most of them.
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