Important Closing Tips

Mortgage and Lending with Taylor Morrison Home Funding NMLS#: 1054841

April 29, 2014 07:49 AM

Do not move move money around or make large deposits or withdrawals. Bank verification's are done just before escrow and all large deposits (over $1,000) other than normal payroll will have to have a paper trail of bank statements. We must "source" the deposit. This is required do to the Patriot Act.
Delay any large purchases. For goodness sake, don't buy a car and a house at the same time. Wait until escrow closes to make any large purchase you are planning. Your credit will be verified just before closing escrow. Please don't jeopardize your home loan because of impatience.
Don't make any large, or out of the ordinary purchases or cash advances on your credit cards. Credit will be verified again just before escrow.
Don not apply for more credit cards during escrow. This will show up on your credit report when it is verified just before the close of escrow.
Do not close any credit accounts during escrow.
If refinancing, keep an eye out for any letters from your mortgage servicer indicating the loan is being sold to another lender.
Basically don't do anything other than paying normal living expenses and ask your lender before doing anything if you have the slightest feeling that it might affect your mortgage.