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I received a commitment letter with conditions from my lender and I have provided them all of the documentations they've asked for. Is there anything that could kill the deal outside of the conditions in the commitment letter?
@Anonymous wrote:I received a commitment letter with conditions from my lender and I have provided them all of the documentations they've asked for. Is there anything that could kill the deal outside of the conditions in the commitment letter?
If your loan officer is thorough and your file is strong to begin with, you should be good to go. Just don't do anything that will negatively impact your credit score in any way .
@Anonymous wrote:I received a commitment letter with conditions from my lender and I have provided them all of the documentations they've asked for. Is there anything that could kill the deal outside of the conditions in the commitment letter?
Usually once you supply the paperwork for the conditions you are home free...however, there are a couple of things that could happen:
Startingover said-
"I have seen buyers shoot themselves in the foot doing this very thing...."
Like a guy going out and buyin a new truck or boat, 3 weeks before closing cause he got a good deal on it?
@Anonymous wrote:Startingover said-
"I have seen buyers shoot themselves in the foot doing this very thing...."
Like a guy going out and buyin a new truck or boat, 3 weeks before closing cause he got a good deal on it?
... ...speaking of the devil, my CU just offered to refinance my auto loan at a much lower rate and cut my monthly payment in half ...called my LO and she damn near had a hissy fit for my even considering it before I close
@Lemmus wrote:
@Anonymous wrote:Startingover said-
"I have seen buyers shoot themselves in the foot doing this very thing...."
Like a guy going out and buyin a new truck or boat, 3 weeks before closing cause he got a good deal on it?
... ...speaking of the devil, my CU just offered to refinance my auto loan at a much lower rate and cut my monthly payment in half ...called my LO and she damn near had a hissy fit for my even considering it before I close
Yep BamaGuy, I swear the buyer was commitment phobic! Naturally it blew the closing....
No doubt your LO was freaking out Lemmus...can you imagine getting everything all done for your borrower with a pretty bow on the loan package and now you can't close because of a refi that could wait until after closing??? I know you wouldn't do that, you get it. But you would be amazed at the number of buyers/borrowers that don't think it matters that much!
Thank you all for your responses. The only change to my credit profile is about 400.00 in charges on one of my credit cards that has a 2800.00 limit. I will pay the balance off tomorrow.
I'll let you know when I close!!!
@Anonymous wrote:Thank you all for your responses. The only change to my credit profile is about 400.00 in charges on one of my credit cards that has a 2800.00 limit. I will pay the balance off tomorrow.
I'll let you know when I close!!!
...if that is your only CC balance, only pay it down to under 9% ...paying all your CCs to zero may actually LOWER your score ...don't try to rationalize it, its just the way credit scoring works
That IS weird, but I'll follow your advice.