Sunday, July 28, 2019 / by Barry Owen
Remember that lender? The one who was so friendly at the beginning of the processing?
Yes! I'm talking about the person who assured you everything would be OK, and there was no indication of complications . . . Committed to keeping it smooth.
Here we are within a week of closing, and this sweet lender is going to need your FULL attention for a few days.
You MUST promise that you will do whatever the lender asks you to do (within legal bounds).
We are setting you up for some frustration and anxiety . . . and it may not happen (but probably will).
The final stretch of the Lender process is the "Final Underwriting Review" which usually happens in the final week prior to closing and likely all the way up to the 3 words we are all working towards . . . "CLEAR TO CLOSE".
The loan underwriter will be scrutinizing every facet of your loan with a fine-toothed comb looking for any and everything that may be less than perfection..
It is totally possible the lender will (at Underwriter's direction) ask you to supply documentation that you have already given earlier in the process.
Do not delay . . . Do not argue . . . Do not put any energy into this other than whatever energy is required to get the docs and IMMEDIATELY provide them.
You might remember the Lender "Dos and Don'ts List"?
It clearly made some demands, the most important of which are: "Do not change your job" and "Do not spend ANY money for anything - especially with credit."
The Underwriter will do a "final sweep" on the day of closing . . . If you buy a Corvette the day before, this WILL be discovered, and the results will likely be tragic.
Remember - Do whatever your lender tells you to do during these final days.
CLEAR TO CLOSE
Sweet music to our ears!
Your next step is also very important. Your lender will tell you exactly how much cash you will need at closing.
If the lender has not told you that number before the day of closing, ASK for it.
I assure you that your Vital Few REALTOR will also be hunting this number.
THIS is a very dangerous part of the process because there are bad people "out there" who are intent upon hi-jacking wired funds.
They do this in very sneaky ways, so it is vital that you communicate directly ONLY with people you know.
Once you know that number, ask your Title Company for their "Wiring Instructions"
They should send those by "Secure" means . . . Fax or encrypted email with log-in required.
Print those wiring instructions and physically go to your bank and ask a bank officer to send wired funds to to a Title company for a Real Estate Transaction.
Provide the Wiring instructions, address of the house you are buying, and exact amount to be wired.
Request that the Bank Officer call the title company and confirm that the wiring instructions are accurate.
Do all of this on the day prior of closing.
Keep any receipts and confirm receipt by the title company.
Congrats! Your loan is now ready to close.
Our next step is to be sure the house you are buying is also ready for the closing.
Your Vital Few Pareto Realty REALTOR is walking with you every step of the way