Posts: 18
Registered: ‎04-01-2010

what happens between binding agreement and closing

Hello All,


I am under contract on my first home and have a closing date of September 15 scheduled. Just wondering what can I expect between now and closing. My contract became binding on 8/8, I have inspection scheduled and paid my lender for the appraisal. I submitted the earnest money check also. I noticed that the lender ran my credit again on 8/8. Is there anything else that I can expect or do I need to submit anymore paperwork? I already submitted the full app and all supported docs and it's all been submitted to the underwriter when I applied for the loan.




Starting Score: 675 TU 646 EX 656 EQ
Current Score: 701 TU 646?? EX 686 EQ
Goal Score: 750 TU 750 EX 750 EQ

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New Visitor
Posts: 6
Registered: ‎08-10-2011

Re: what happens between binding agreement and closing

A good rule of thumb is to expect anything, the UW process is the most nerve racking because they can come back and request the most mundane things to be corrected. The credit report will probably be pulled 3-4 more times until you close, they won't count negatively against you once you close and the lender posts the new mortgage account on your credit.  


Only other thing I can suggest is to be there for the inspection, go over everything and if there are some concerns have them addressed immediately or walk away. With my most recent purchase I did the traditional inspection, termite and pest as well as foundation. You can get a foundation inspection for free from most foundation repair companies.

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

Re: what happens between binding agreement and closing

I highly doubt that the credit will be pulled 3-4 more times unless you are counting getting quotes for hazard insurance. 

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

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