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Now I have a contract...What happens now?....A loan officer's view.
Inspired by a post by Martha Brown, a wonderful Maryland Realtor on what happens on the Realtor side once a client wins a contract. I bring you....
Now I have a contract...What happens now?....A loan officer's view.
CREDIT:    Your credit report will have already been reviewed before the pre-qualification letter is written.  Now is the time to make sure that there are NO material changes to your score.  This means:
•1.       Continue to make all payments on time
•2.       Do not apply for or open ANY new credit
•3.       Do not buy any big ticket items using available credit, if you are not sure if a purchase will affect your score, ask your lender PRIOR to making the purchase
•4.       Do not pay off anything that your lender doesn't tell you to pay off
•5.       Do not DISPUTE any items on your report, this can delay settlement
APPLICATION:  This is the beginning of the contract between you and your lender.  You will sit down* with your lender to sign the completed loan application and all required disclosures. Your lender will explain all documents so that you can understand exactly what you are signing.  This is the time to ask for clarification on ... more

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