Ten Ways to Avoid
Your Closing Nightmare
  • PLEASE 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.

  • Try to DELAY ANY 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 zero balances for several days or weeks, which could delay the closing of your loan.

  • Do not quit your job.  Notify your lender immediately in the event there is a job change.

  • Don't take any Cash Advances on your credit card(s)

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

  • Do not open or close any 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.

  • Quickly return all documents from the lender and settlement company.

  • Inform your mortgage consultant if your existing loan will be transferred to another lender prior to the closing of your new loan


 











Become a Rate Shopping Genius
Article
Where will you find the
Lowest Rates?
See Current Rate Survey
APR








Your Advantage Is
My Experience
Call Bill Ladewig
866.204.9733
Closing Home Loans Since 1970..

Your Mortgage Mentor
California Home Loans Since 1970