Loan app to closing date... what to expect?

[turninganewleaf]

My home loan application was accepted yesterday.  I have a scheduled closing date of February 28, 2008.

What can I expect between now and closing?  Will the mortgage lender pull my credit again before closing?

[Anonymous]

Probably no on the credit pull (but don't do anything to mess things up)

What can you expect - a whirlwind -- documents flying, inspections, negotiations, you will be very busy for the next 22 days.

Oh and expect anxiety, sleepless nights, second thoughts, - all of that.

First instinct is usually right!

[George2037]

I'm going through the same thing right now, settlement on the 29th.  Lot's of paperwork, lot's of loose ends to tie up, sleepless nights, anxiety, SECOND THOUGHTS, but all in all it's not bad.

I am expecting them to pull my credit one more time, and am keeping some cash on hand just in case I need to take care of anything last minute.  I stopped using all my CC's, and paying minimum payments just for this month (holding on to cash for the last minute items).

Just be prepare for a lot of phone calls, e-mails, and paperwork.  It's not all that bad.

[Anonymous]

The lender we're using said that they pull your credit report on closing day, to make sure that everything is okay and to readjust the interest rate, if applicable... readjust higher or lower.

[Anonymous]

George - pay $5 more than min - be safe on this.

family - Depends on when you appled and how rates have moved and if you locked - not always required.  Depends on if underwriter is snippy too.  Stellar credit - not gonna bother if with timeframe.  Borderline probably will.

Didn't pull a second time for DH on a 74 day old app - he's 800+ across the board.  Have for many of my lower scoring clients though.

Message Edited by Lady_Scarlet on 02-06-2008 04:39 PM

[ShanetheMortgageMan]

---

reformedfamilyman wrote:

The lender we're using said that they pull your credit report on closing day, to make sure that everything is okay and to readjust the interest rate, if applicable... readjust higher or lower.

---

What a nice lender

[George2037]

Should have been more specific on what a minimum payment is to me....at least Finance charges or double statement minimum which ever is greater.  Usually I pay triple to quadruple statement minimum.

[Anonymous]

---

reformedfamilyman wrote:

The lender we're using said that they pull your credit report on closing day, to make sure that everything is okay and to readjust the interest rate, if applicable... readjust higher or lower.

---

I would be weary of that lender, never heard of that before.