Seven Tips for a Smooth Closing
- September 26, 2017
- 1st Time Home Buyer
- Posted by American Eagle Mortgage
- Comments Off on Seven Tips for a Smooth Closing
Most mortgage loan problems can be avoided before closing. Following these simple tips will allow your loan to proceed as smoothly as possible.
Please Send Documentation in a timely fashion.
We anticipate the initial requested documents will be sent within 48 hours and additional requests may take 24-48 hours for your response. If you need extra time, communicating this is important. Our loan document checklist can be found here.
Be mindful of Large Deposits.
All large non-payroll deposits must be documented. Depending on the type, this process could be lengthy and require re-underwriting. If possible, please put off large deposits until after your transaction is complete.
Steer clear of credit increases or inquiries.
We do a soft credit pull before funding to see if there are new inquiries or an increase in credit balances. We advise avoiding significant increases to credit balances or opening new debt during your purchase.
State your gift funds upfront.
If you will be receiving any gift funds, letting us know early in the process allows us time to prepare proper documentation.
Remember the down payment source must match what you disclosed.
If the source account of your down payment changes, this will require your loan to go back to underwriting.
Inform us of travel plans.
You will need to be present to sign your final paperwork and to send requested documentation. It is helpful for us to know as we get started about days you will be unavailable. Depending on your travel, we can make arrangements ahead of time.
The timeline for a smooth closing requires prompt action.
The underwriting process and time to prepare your documents takes time. Being proactive in the first week will help this process proceed effectively.