Line up, Lock in and prepare to wait!
To buyers everywhere, the Mortgage industry is on a roller coaster ride that could De-Rail with your loan on board! Every day underwriters are requiring new documentation from buyers to approve a loan. We’ve seen underwriters refuse to clear a loan to close because they didn’t like the signature on a loan document (It didn’t look like the original signature on the loan application).
We’re Louisville Real Estate agents who have seen it all and there are some simple rules to follow.
As a buyer we have too urge you to make sure:
1) You shop for a mortgage company and pick the one with the best interest rates and closing costs within 5 days of a contract being accepted.
2) Provide all documentation that’s requested by the mortgage company well before the deadline they give you.
3) If there is any outstanding documentation needed and getting it is out of your control (gift letter, tax return money, bank statements) that may take weeks to receive, you need to talk with your mortgage company and prepare a plan B just in case the documents/money doesn’t materialize.
Topics: For Buyers |
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