The "Do's and Don'ts" During a Home Loan Closing!
Great Information Regardless of What State You Live In!
You have been searching for the perfect home. You have studied for the past year on what area you want to live in. You have scratched and saved to have your downpayment and closing costs. You have done so many positive good things. The last thing you want to do is mess it up in the 11th hour. Take a moment and read this great article below on the Dos and Don'ts of your loan process. Don't work so hard to have it unravel from something you thought was minor and wouldn't cause an issue. Check out this great article by Barbara Moorers....
~~~
You have done the hard part in the house buying process and chosen a lender and a real estate agent to work with. You have also gone out and found the home of your dreams! Best of all, your team has done a great job of negotiating the best deal for you.
Now, as a buyer, all you have to do is sit back and wait for your loan to close...right? Wrong!!
Getting a home loan these days is a very interactive process. I am always amazed by how many clients I work with that come to me unaware of all the pitfalls they face during the loan process. To help avoid any surprises while waiting for final approval I provide my clients with a short list of "do's and don'ts" to follow.
Let's start with the "Do's"...
- Do keep the process moving by responding to your loan officers' requests for documentation as soon as possible.
- Do make decisions as soon as is reasonably possible.
- Do convey questions or concerns you have as they develop.
- Do continue to make all of your rent or mortgage payments on time.
- Do stay current on all other existing accounts.
- Do continue to work your normal work schedule with no unplanned time off.
- Do continue to use your credit as normal
- Do be prepared to explain any large deposits in your bank accounts.
- Do enjoy purchasing your home but remain objective throughout the process to help make decisions that are best for you.
After you have been pre-approved for your mortgage you will want to refrain from the following...
- Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.)
- Do not apply for any new credit (even if it says you are pre-approved or "xxx days same as cash")
- Do not pay off charges or collections (unless directed by your loan officer to do so)
- Do not make any changes to your credit profile.
- Do not change bank accounts.
- Do not make unusual deposits into your bank accounts or move money around from one account to another.
Follow these simple rules and you will help to make your loan closing as smooth and hassle free as possible!!
Good Luck!
Comments(0)