Closing Credit Do’s & Don’ts

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 ATTENTION!!!!!

CREDIT IS PULLED AGAIN BEFORE CLOSING – DO NOT OBTAIN ANY NEW DEBT OR LET ANYONE OTHER THAN YOUR CLOSING OFFICER PULL YOUR CREDIT!!

During the processing of your loan there are certain “DO’s and DONT’S” which may affect the outcome of your loan request.  These remain in effect not only until your loan is approved but until the loan is actually funded and recorded.

(CREDIT, INCOME AND ASSETS ARE RE-VERIFIED RIGHT BEFORE YOU SIGN YOUR FINAL LOAN DOCUMENTS-CHANGES COULD CAUSE YOUR LOAN TO BE DECLINED.)

 MAKE SURE YOU DO:

  1. Give your loan officer a good e-mail address and check your emails everyday during the loan process. Most communications will come by e-mail.
  2. Call your Realtor when looking at houses, do not call the listing agent from the sign, have your agent show you the house.
  3. Keep accounts current, rent, car payments, credit cards, etc.
  4. Keep copies of all paycheck stubs.
  5. Keep a paper trail on any money that changes hands during the transaction or any money that goes in or out of your bank account, keep pages of all bank statements.
  6. If you have a spouse they must go with you to closing, even if they are not on the title or on the loan as there is a couple of documents they may have to sign.
  1. Make payments on all accounts on or before due date, even if the account is being paid off with your new loan. CREDIT IS PULLED AGAIN THE DAY OF CLOSING!!!

 MAKE SURE YOU DO NOT:

  1. Quit your job or get another job unless it is in the same line of work and for equal or more money. Call your closing officer if this occurs.
  2. Allow anyone other than your loan officer to make an inquiry on your credit report.
  3. Change bank accounts or transfer money within your existing bank accounts.
  4. Co-sign for anyone.
  5. Pay off any collection accounts or judgments.
  6. Purchase an auto or take on any additional debt.
  7. Purchase any other real-estate.
  8. Apply for credit anywhere or complete any other credit application.
  9. Charge any additional debt on any current credit.
  10. Start any home improvements that are not a condition of the loan.

 

Courtesy of Nancy Miller (nancymiller111@yahoo.com, Vice President, AMC Mortgage, 918-806-8200 ext 14