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Established Member
Nathan326
Posts: 20
Registered: ‎07-12-2008
0

What to expect with less than 2 weeks before closing....

I've posted a few times about our journey to this point. We haven't heard "cleared to close" yet, but have been told informally our close will likely take place on 4/27. We have a new construction house that is awaiting an occupancy permit as the only lender condition still not met. Other than the permit, what should we expect over the next two weeks from the lender (i.e another pull of credit report)..?

Established Member
Nathan326
Posts: 20
Registered: ‎07-12-2008
0

Re: What to expect with less than 2 weeks before closing....

So here's another piece of info to consider.... I just received a notification that ADT did a inquiry on my credit history and I'm worried what impact that may have on things as we move towards closing. Any thoughts? 

Valued Member
mpmss1
Posts: 31
Registered: ‎08-20-2009
0

Re: What to expect with less than 2 weeks before closing....

[ Edited ]

It really depends on your lender. I do believe it almost seems split 50/50 from reading the forums here for those lenders that pull a second credit report before closing and those who do not. Sounds like you have everything else ready to go and you'll be enjoying your new home in no time!

 

It is a difficult question as to when to apply for services (gas, electric, alarm service, cable, etc) because you want the services ready to go on the day you move in correct? But how do the banks look at it? Good question, I would imagine that if it is for a service (gas, phone etc) I wouldn't imagine it being too big of a problem but the only real thing I would be concerned about is if you are close to a middle score that the bank requires, what happens if the inquiry dings your score and brings you below the qualifying score needed? Would your rate go up? Would you have to go with another lender? Different loan? How much would it really matter? You bring up a good point but if possible, I would hold off on starting any new services to avoid a score decrease until you have closed. Where I live, as long as there is service already running electric/gas/water, it is just a simple matter of putting those things into your name on the day you call them. Hope this helps some. Good luck to you, many positive thoughts your way!!

 

 

Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011
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Re: What to expect with less than 2 weeks before closing....

Seems like an inquiry from alarm system company wouldn't affect your loan.:smileyindifferent:


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Established Contributor
namvet
Posts: 866
Registered: ‎09-22-2011
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Re: What to expect with less than 2 weeks before closing....


JusdoNit wrote:

Seems like an inquiry from alarm system company wouldn't affect your loan.:smileyindifferent:


   +1  not a problem unless your mid fico score was borderline.  It's rare but a inquiry prior to closing can cause a problem.  Higher score borrowers have nothing
    to worry about.

Established Member
Nathan326
Posts: 20
Registered: ‎07-12-2008
0

Re: What to expect with less than 2 weeks before closing....

I don't think my score is borderline, but one of my credit scores dropped from 747 to 726 based on a myfico score alert. Should I anticipate any problems as we approach closing because of the inquiry and decrease in score?

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
0

Re: What to expect with less than 2 weeks before closing....

No,  I don't think so.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Established Member
Nathan326
Posts: 20
Registered: ‎07-12-2008
0

Re: What to expect with less than 2 weeks before closing....

Thanks Booner! I did a review of changes to my credit score in the past 4-6 weeks and was amazed to learn that it has been anywhere from 780 to 726. I can't explain this variation over a short period of time. 

 

As a first time homebuyer, this is a crazy process and I can't wait to close. 


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