Thursday, July 25, 2019 / by Barry Owen
Obtaining a Mortgage loan can, at times, make a borrower (you) feel like you are under investigation and you are "guilty until proven innocent".
Please do not blame this highly intrusive scrutiny on your Mortgage Loan Officer . . . Most of these are requirements are required by Federal Law and are unavoidable.
This is a time for you to be ULTRA accessible and responsive to your lender and processors.
When they say: "JUMP", you say "How High?" (NOT "WHY?")
It is crucial that you provide requested documents immediately (or sooner) so as not to delay the process.
Our goal is for the loan to be "Clear to close" as soon as possible.
It can take anywhere from 10-40 days for a loan to be fully processed and underwritten, and all loans have a "Final Underwriting Review" the day before the closing to be sure that there have not been any significant changes since you made loan application.
There is NO way to "cheat" this process, so don't test it.
Through the years, we have seen many Home Buyers deny themselves the purchase of the house they love because of careless financial hijinx . . . Things like opening new lines of credit (Credit cards), moving large sums of cash from or into accounts, making large purchases with credit . . . or losing or changing jobs.
These are non-negotiables after the fact, so until your transactions is CLOSED, consult with your lender before moving or spending ANY money.
Below is a great (comprehensive) list of "Dos and Don'ts"
Pay attention to this!
Print it and hang it in a place you will see frequently (Bathroom mirror, refrigerator, etc,)