12 Weeks to Homeownership – Week 7
Completing the Needs for Your Lender
Well, it’s week 7 and a new dawn! Your search is over!
You can’t help but be anxious, right?
This process is nearly over.
Now, you may feel a bit overwhelmed with the idea of moving, getting utilities switched over, and everything else associated with changing your residence.
It can be a stressful time, but if you’ve done what you need to do with your loan officer, you should be in pretty good shape.
Now it’s more of a waiting game.
Waiting on the inspection results, the appraisal, and the final review of the underwriter with your lender.
They may ask you now for some more clarification, explanation, and additional documentation.
Remember, its the Consumer Fraud Protection Bureau that sets these guidelines, not your lender.
Help them, help you!
Here are a couple of times that can help keep you in line and help get your mortgage funded.
- Don’t change jobs or take a second job as that will all have to be verified and approved.
- Don’t charge or buy anything on credit – even it’s interest-free and no payments for 6 months.
- Don’t close any credit cards or revolving accounts.
- Keep your bills current and pay on time – no late payments can appear right now.
- Don’t open new credit cards or lines of credit.
- If you sell anything for cash, get a bill of sale signed by the purchaser.
- Don’t change your marital status like getting married or filing divorce papers.
- Don’t get any NSF charges on your checking accounts.
- Don’t go out of town or the country on vacation when it’s time to sign your documents and close – you have to be available.
- Most of all, be quick to respond to your lender and your realtor’s requests.
Even though I cover these, plus more, on my video on do’s and don’ts, I wanted to mention this critical list here. I encourage you to watch that video too.
This is an extremely important time in the process.
It’s hard to wait for the go-ahead to purchase.
So relax, take it one step at a time and you’ll do well.
Remember to keep positive and plan ahead!
I’ll be back with you in week 8 and remember – our Folsom mortgage team is here to answer any questions you may have! Don’t hesitate to give us a call at (916) 985-3200.