Here's the deal

Your credit will be re-pulled prior to closing! 

Book it!

Bank on it!

Expect it!

Last month we had about 1500 closings and two issues came up prior to closing.  One person had new credit because of a recent purchase and the other person had just "looked" into obtaining credit.  The real issue is this.  Don't do anything once you've applied for a loan.  After you've gone to closing,

then you can go purchase items til they come through your wazoo, but until then....

Fogettaboutit! 

Recently, I've seen companies getting bit in the butt by this new rule.  Make sure that you're educating your consumer.  As a realtor, assume that the lender won't educate the borrower to this rule, so you should. 

Don't have your closing blow up.  Don't look into credit until you've closed on your new loan!

Larry Bettag - Regional Vice President, Midwest Region

Illinois FHA Specialist

630-417-7172

  

               

An Illinois Residential Mortgage Licensee

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