Our Loan is approved what should we do prior to closing in Katy TX

By
Real Estate Agent with Berkshire Hathaway HomeServices Anderson Properties TX Real Est. 567774

 

Our Loan is approved what we should do prior to closing in Katy TX

 

I have has several clients ask me about what they should do or not do after they have been told their loan is approved by the lender. One key point to make is that the underwriter at the lender can change and have changed their minds about loan approval right up until the closing papers are signed. Most of the items in my new list are things not to do. This is the 6 TH article in my series of 10 articles regarding Frequently Asked questions by clients and in my case here in Katy TX. As I show homes to my buyers and we start honing in a potential home my client might want to make an offer for I start going through these items and then review as additional time lapses. I know this is another of my blogs with a set of points but I really do not know how to write these types of articles without using that specific style.

1)    Provide the lender (loan processor) with whatever data they are requesting. It is an excellent idea to ask for a summary overview of the whole process and make sure you ask about document production. If the requests start to become totally burdensome call me and let me speak with the lending officer.

2)    Tell your employer you are applying for a loan and find out who at the company you work for can verify employment. I have seen some lenders who will verify employment 4 or more times. Expect at least two verifications.

3)    Contact the loan processor at least once week to check in and find out if there are any issues, need additional data, etc. Be totally honest with your loan officer about all items.

4)    If by chance you find out from a credit report that there is an error on the report sit on it and do not protest whatever the issue until the loan is closed. Most lenders will not proceed if there are any open items on the borrower report.

5)    Do not make any significant purchases meanings furniture, cars, boats, appliances, etc. My advice to my clients is to do nothing until the day after closing on your new home.

6)    Do not change employers and that applies to all parties who will be liable for the loan debt.

7)    Make sure all your bills are paid on time.

8)    Do not open any new type of credit/debt of any nature or form and avoid having any new inquiries as to your creditworthiness with the credit bureaus.

9)    Moving cash, securities or ant assets should be totally avoided as you will have to explain in detail to the financial institution why you are doing these movements.   

10)                       Avoid contracting for a pool to be built in your backyard unless your lender will allow you to roll that debt into your mortgage.

11)                       Don’t close any accounts of any nature.

12)                       Postpone that luxury vacation you have had planned for years.

 

In my opinion the answer to Our Loan is approved what we should do prior to closing in Katy TX is not much of anything new or out of the ordinary. Be smart, be calm and show perseverance.

 

Posted by

© 2016 Bob Gilbert Real Estate

 

Accredited Luxury Home Specialist

 

Note: Katy TX is about 25 -30 miles due West of downtown Houston TX.

 

If you have any questions about Katy Homes for Sale or Katy Homes for Rent in the Katy Texas and/or Sugar Land TX, and/or Cypress TX and/or other surrounding areas, contact me via my cell: 281-904-6772 or via Email:

 

 

 bobgilbert2003@msn.com or bob@bobgilbert.com

or visit me on my web site at

 

http://www.katyhomefinder.com

or visit me on Google plus

and FaceBook at https://www.facebook.com/bobgilberttx

 

Scan me with your smartphone to bookmark
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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Dale Baker 05/24/2012 03:02 PM
Topic:
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Location:
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Rainmaker
479,929
Kevin Kueneke
Caliber Home Loans - Encinitas, CA
San Diego Mortgage Banker

Bob - great post.  Change is inevitable, just don't change anything once your loan is approved!  This is a good checklist to review with home buyers at the beginning, middle, and end of the loan transaction.

May 20, 2012 07:28 AM #1
Rainmaker
2,051,128
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Thanks Kevin for your comment as it is appreciated.

May 20, 2012 07:32 AM #2
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Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy and afternoon Bob

Bob my friend, this sure is another outstanding blog post, in your mighty fine series to help Home Buyers to understand what they should do and not to do.

You are doing an outstanding job of writing this here blog posts!!! 

Have a good one
Dale in New Hampshire

May 20, 2012 07:42 AM #3
Rainmaker
309,408
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

Hi Bob.  This is a great blog that I am going to keep for my Buyer clients.   I have seen folks that have not realized that they should not make major purchases or keep paying things on time!   :)   

May 20, 2012 09:14 AM #4
Rainmaker
1,101,976
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales

Nice list of things not to do Bob, certainly the most obvious is a major purchase.

May 20, 2012 09:57 AM #5
Rainmaker
844,399
Barbara Altieri
Kinard Realty Group - RealtyQuest Team, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Bob -- This is a wonderfully informative post. As you so well pointed out, buyers needs to stand still until after the closing.  I have had buyers, who even AFTER I advised them, decided they were in the clear and they could commence purchasing furniture for the new home. Good thing I caught them....red handed!

May 20, 2012 10:10 AM #6
Rainmaker
1,116,528
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I can't believe you are advising them to postpone their luxury vacation. lol

May 21, 2012 09:20 AM #7
Ambassador
942,207
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

This is great material.  Everything you need to know in Bob Gilbertson's Katy Texas blog post!

May 22, 2012 03:25 AM #8
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Bob.. Great pointers and advice my friend.  Enjoy some downtime and we'll see you when you return.

May 22, 2012 12:52 PM #9
Rainmaker
841,108
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good morning Bob.

Those are great points.

Wishing you a great day.

May 22, 2012 07:14 PM #10
Rainmaker
5,514,038
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Very good advice for home buyers.

Many make the mistake of major purchases before settlement.

May 23, 2012 01:40 AM #11
Rainmaker
985,918
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Very  good plain and simple instructions Robert

May 25, 2012 12:43 AM #12
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Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy and morning Bob

Bob my friend, just stop by to say, I hope y'all are having a safe and nice weekend!

Have a good one
Dale in New Hampshire

May 27, 2012 04:26 AM #13
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hope you're doing well Bob. You must still be on vacation...and good for you. :)

May 29, 2012 03:50 AM #14
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855,025
Brenda Mullen
RE/MAX Access - Schertz, TX
Your San Antonio TX Real Estate Agent!!

Excellent post on what buyers need to do (or NOT do) once they get loan approval.  My favorites are to not buy anything significant or open any new credit accounts.  WAIT until after you close and then go buy that new furniture for the home :)!  Suggested!

May 29, 2012 11:40 AM #15
Rainer
654,274
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Howdy there Bob my friend, you sure post such outstanding Local Info and Real Estate blog posts for folks to enjoy visiting at your outstanding blog full of helpful info. Plus folks sure do always get to find mighty enjoyable reading when they visit. I know other folks sure must also enjoy stopping by to visit your mighty fine blog. Folks if you are needing help with Real Estate, then do take the time to talk with Bob and you’ll sure learn he is the one an only to work along side.

Mar 03, 2014 06:25 AM #16
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Rainmaker
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Robert Bob Gilbert

Your Katy TX ( West of Houston) Real Estate Expert
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