Our Loan is approved what we should do prior to closing in Katy TX

I have has several clients ask me about what they should do or not do after they have been told their loan is approved by the lender. One key point to make is that the underwriter at the lender can change and have changed their minds about loan approval right up until the closing papers are signed. Most of the items in my new list are things not to do. This is the 6 TH article in my series of 10 articles regarding Frequently Asked questions by clients and in my case here in Katy TX. As I show homes to my buyers and we start honing in a potential home my client might want to make an offer for I start going through these items and then review as additional time lapses. I know this is another of my blogs with a set of points but I really do not know how to write these types of articles without using that specific style.

1)    Provide the lender (loan processor) with whatever data they are requesting. It is an excellent idea to ask for a summary overview of the whole process and make sure you ask about document production. If the requests start to become totally burdensome call me and let me speak with the lending officer.

2)    Tell your employer you are applying for a loan and find out who at the company you work for can verify employment. I have seen some lenders who will verify employment 4 or more times. Expect at least two verifications.

3)    Contact the loan processor at least once week to check in and find out if there are any issues, need additional data, etc. Be totally honest with your loan officer about all items.

4)    If by chance you find out from a credit report that there is an error on the report sit on it and do not protest whatever the issue until the loan is closed. Most lenders will not proceed if there are any open items on the borrower report.

5)    Do not make any significant purchases meanings furniture, cars, boats, appliances, etc. My advice to my clients is to do nothing until the day after closing on your new home.

6)    Do not change employers and that applies to all parties who will be liable for the loan debt.

7)    Make sure all your bills are paid on time.

8)    Do not open any new type of credit/debt of any nature or form and avoid having any new inquiries as to your creditworthiness with the credit bureaus.

9)    Moving cash, securities or ant assets should be totally avoided as you will have to explain in detail to the financial institution why you are doing these movements.   

10)                       Avoid contracting for a pool to be built in your backyard unless your lender will allow you to roll that debt into your mortgage.

11)                       Don’t close any accounts of any nature.

12)                       Postpone that luxury vacation you have had planned for years.

In my opinion the answer to Our Loan is approved what we should do prior to closing in Katy TX is not much of anything new or out of the ordinary. Be smart, be calm and show perseverance.