I can't tell you the number of loans that have been red flagged in the 11th hour, 24 hours before close. Lender says, everything will be alright, the underwriter is just pulling the credit one more time before they issue loan commitment - it's alright....I'll call you tomorrow with the good news! Next day the news isnt' so good and the damage control police have to be called in to try to save the deal.
What part of 'Don't apply for credit cards, Don't charge credit cards, Don't make any sudden moves with credit, no major credit purchases - just lay low' UNTIL WE GET THE LOAN CLOSED - ISN'T IN PLAIN ENOUGH ENGLISH? How many times should we say it? How many times does a buyer have to hear it?
11TH HOUR, 4 transactions,
1. Buyer buys a Pedigree DOG for $1,000.00 and puts it on their credit card [they will have to now get gift funds to pay it off to proceed]
2. Buyer uses a credit line to take out some money for moving expenses and to cover the cash they used for earnest money 1 week before close [Pay it off before proceeding]
3. Buyer goes and co-signs for her husband new car, 1 week before close and he dies two days before closing. [take the car back to the dealer and ask for loan foregiveness]
4. Buyer gets a credit card to buy new furniture but was going to wait until after the close to buy it, so no one would know. [omg, what do I do now]
NO NO NO NO - All four are part of the 'DON'T MAKE ANY SUDDEN MOVES WITH CREDIT, NO MOVEMENT UNTIL WE GET THIS PURCHASE CLOSED!
Is there another language that I can use besides throwing my hands over my forehead and slowly shaking it back and forth, I do this since I've never laid a hand on a client but hey, times are changing.