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EIGHT pitfalls to avoid, while awaiting your mortgage.
Alan's blog is totally important when the buyer is anxiously waiting for the deal to close. Basically, to avoid any potential setbacks, he needs to refrain from doing anything new or different from his daily routine. The lender world is rather fickle today.
At one of my myriad of workshops that I attend, a lender presented us with a top-ten list of things NOT to do, once you're under contract and anxiously awaiting your loan commitment, and eventually your closing. Many buyers, not merely first-time buyers, are not aware of these tips. I didn't love all ten, but I thought seven of them bore repeating.
Why is it important? Well, in today's interesting financial times, lenders are pulling your credit more than once during the loan process. In fact most times, at least in our region, they're pulling a last credit-check the day of, or the day before closing. That's right... one last time before cosing. If anything significant has changed, from the time you applied for you loan... and were preapproved, and now... it could totally mess things up.
Best-case scenario, you might no longer qualify for the rate you have locked-in.... or perhaps it might cause a delay requiring you ... more
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