topic Re: Spending habits before closing in Mortgage Loans

Spending habits before closing

tianapb725 — Sun, 16 Nov 2014 03:09:20 GMT

I'm going through the process of closing on a house! Yippee! I have a 780 score and the mortgage and debt will be at a 41% DTI.

What things should I watch out for before closing? I won't be opening any accounts from now until closing, but just want to make sure there's anything else I'm missing.

TIA!

Re: Spending habits before closing

DallasLoanGuy — Sun, 16 Nov 2014 04:13:57 GMT

dont draw the bank account down. if closing were delayed and asset documentation expired then you could see trouble.

if you are all approved and in closing thouh, you should be fine\

Re: Spending habits before closing

tianapb725 — Sun, 16 Nov 2014 04:26:26 GMT

Well it will go down a bit because of my deposit, but I get paid 6 times before actual closing (January 9, 2015). It's going to be a light Christmas lol

Re: Spending habits before closing

DallasLoanGuy — Sun, 16 Nov 2014 04:52:44 GMT

have loan officer re-preapprove with less cash in bank.

if it still works. you are fine.

i do this for clients every other november. LOL

Re: Spending habits before closing

DallasLoanGuy — Sun, 16 Nov 2014 04:53:47 GMT

and the deposit is STILL your money and is on the loan ap. just in a different spot. dont sweat the bank account going down an equal amount as the deposit

Re: Spending habits before closing

tianapb725 — Mon, 17 Nov 2014 02:30:27 GMT

Okay, thank you so much!