Once your commitment is done, you're going to want to start setting up the services for you new home: Gas, Water, Electric, etc. These are fine. HOWEVER, do NOT set up cable, phone, internet or security systems until a day before closing. This is because these services WILL pull your credit. And if you have your credit pulled, and the underwriter finds out, they're going to want to know why it was pulled, and whether or not any new debt was incurred as a result of that pull.
So don't do it!
I have a great broker at Wintrust Mortgage who has been a big help to my clients.
Just let me know if you would like his contact info.
John Meyers, Meyers Realty
The process these days has become much more challenging then it has been in the past. The truly best thing that can be done is to find a lender or individual who understands and knows the trade. Then the process will be much smoother overall.
Diamond Residential Mortgage Corporation
Best of luck in your new purchase.
There is a reason they keep asking for additional support documents and that is good news. The lender is trying to close your loan, work with them, they are helping you, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Once you know there is a "conditional" loan commitment, UNLESS all the back + forth with UW, underwriting, leads you to being CTC, clear to close, I recommend you ask your Lender to spend the time with you and go over all conditions in the loan commitment.
With Real Estate, nothing is a done deal until ... (1) you are CTC, (2) you show up to sign closing document, and (3) your loan is authorized to fund by the Lender.
If you are working with one of the big banks, you are more likey to be left at the alter than if you were working with a local lender.
Your agent provided you a list of lenders who have a track record of closing on time, under budget and without all the hysteria.
Anything can happen.
I do wish the best outcome for you.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Quality Mortgage Lending
RATED A+ WITH THE BBB
*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
Just be cautious if you got your letter- no big spending, no taking out new credit accounts/cards... just do as you have always done before you got your letter, and you will be fine.
Good luck! I hope your closing runs through smoother.
Senior Loan Originator
Problems happen late in the game as the underwriter finally gets to review a condition previously requested and what they see is not good. Also, a soft pull credit report is done a few days before closing. Any new debt that shows up can get the entire loan denied.
Sorry to hear you've been put through the ringer. A lot of what you've gone through is due to inexperienced Loan Officers. A loan commitment should seal the deal. But, make sure to review the commitment. Some lenders put stipulations. READ THE FINE PRINT
Hope this helps
Home Loan Expert