You have a well qualified buyer. The loan process (and entire transaction) seems to be going so smooth. These buyers have all of their financial ducks in a row, have worked hard over the years to maintain great credit, they have all their information together, and provide any necessary documention right away. Wow-dream buyers!
You meet with them as closing approaches and they pull up in their brand new car!
What went wrong here? Unfortunately, this happens all too often: The buyers simply were not informed: NOOOO!
It's important to remember and inform the buyers that the lender will recheck their credit just prior to the settlement date (along with some other details, including employment) to make sure nothing has changed.
Today, I received what is quite possibly the most useful handout from an AWESOME local loan officer, Kheang Eung with Home Team Mortgage in Allen, Texas.
10 Commandments for Buyers Between Now and Closing
- Thou shalt not change jobs, become self-employed, or quit your job
- Thou shalt not buy a car, truck, or van (you may be living in it)
- Thou shalt not use charge cards excessively or let your accounts fall behind
- Thou shalt not spend money you set aside for closing
- Thou shalt not omit debts or liabilities from your loan application
- Thou shalt not buy furniture
- Thou shalt not originate any inquiries into your credit
- Thou shalt not make large loan deposits without first checking with your loan officer
- Thou shalt not change bank accounts
- Thou shalt not cosign a loan for anyone
I hope this helps someone to ensure their clients receive the information they need to know prior to their loan process. I felt this was a nice, simple, and thorough way to help us to educate our clients.