Avoid a Real Estate Nightmare Avoid_Closing_Nightmare
Ten Ways to Avoid
A Closing Nightmare

  • DO NOT MOVE ANY MONEY AROUND UNTIL YOUR LOAN CLOSES.  If a bank verification shows a recent increase in your accounts an explanation of the increase will be required.  Any large deposit must be paper trailed to its source.

  • QUICKLY COMPLETE AND RETURN all DOCMENTS to the lender and settlement agent.

  • DELAY LARGE PURCHASES until after your loan closes.                      If a re-verification of credit shows you have recently bought a car, or your charge account balances have increased, it could jeopardize your loan approval.

  • If your loan approval requires you to pay off bills, DO NOT PAY THEM YOURSELF, CONTINUE TO MAKE ROUTINE PAYMENTS UNTIL JUST BEFORE YOUR LOAN CLOSES.   We will then request that you bring the monthly statements to the settlement agent to pay off the accounts through the closing. If you pay the accounts yourself, we may not be able to verify the reduced balances for several days or weeks, which could delay the closing of your loan.

  • Notify your lender immediately in the event there is a job change. 

  • Don't take any Cash Advances or pay for large purchases with your credit cards.

  • Don't allow additional inquiries (credit checks) on your credit

  • Do not open or close any credit accounts.

  • Continue to make ALL  of your payments as agreed, especially your mortgage when you are refinancing your loan. Any extra payments made during a refinance will be properly credited to you at closing.  That is the law.

  • When refinancing, inform your mortgage consultant if your existing loan is in the process of being sold to another lender prior to the closing of your new loan.

 







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