Lisa and Jim's Northern Nevada Real Estate Blog: After Loan Approval....DON'T BREATH AT ALL UNTIL YOU CLOSE!

After Loan Approval....DON'T BREATH AT ALL UNTIL YOU CLOSE!

Great Advice from Larry!

For sure ... Don't do anything until you close and the ink has dried.

Too many time I've seen slip up that have be disastrous! 

It's a strange world we live in financially right now.  Better safe than sorry!

Or At Least Until You Close

Here's the deal

Your credit will be re-pulled prior to closing! 

Book it!

Bank on it!

Expect it!

Last month we had about 1500 closings and two issues came up prior to closing.  One person had new credit because of a recent purchase and the other person had just "looked" into obtaining credit.  The real issue is this.  Don't do anything once you've applied for a loan.  After you've gone to closing,

then you can go purchase items til they come through your wazoo, but until then....

Fogettaboutit! 

Recently, I've seen companies getting bit in the butt by this new rule.  Make sure that you're educating your consumer.  As a realtor, assume that the lender won't educate the borrower to this rule, so you should. 

Don't have your closing blow up.  Don't look into credit until you've closed on your new loan!

If you choose, you can find me here:

          Follow The Twittering Tweets on Twitter        Follow Bettag's Blabs on Facebook        Google Me If You'd Like      Follow My Personal Blog on UPLOG

 

Cherry Creek Mortgage Company       Follow Me On Linked In       Mortgage Myth Busters

                                          NMLS ID#158606          Equal Housing Logo     An Illinois Residential Mortgage Licensee

 

Comment balloon 0 commentsLisa Wetzel • June 18 2011 12:40AM

Comments

Participate