10. What might delay approval of my loan?
If you provide your lender with all of the information and documents they as for (complete and accurate), the loan process should run smoothly. They will provide this information to the underwriters who will review the information for final loan approval. If the underwriter discovers credit, debt, or income problems, or incomplete/inaccurate data, you can generally expect delays. Also, most good lenders will advise you to try not to do anything to affect you credit worthiness between the time you submit an application and the time the loan is funded. What might cause a delay (or blow up your financing all together)? Changing jobs, an increase or decrease in your salary, incurring additional debt (i.e. a new loan or line of credit), or even change marital status. Something as simple as applying for a new credit card, or even a "6 months no interest" deal on that TV you want for the new house, can really cause delays or even mess up your loan. So, be careful what you do between the time you submit an application and the time the loan is funded... and be sure you notify your lender as soon as possible if you do anything that you think could have an impact. This just might save you a last-minute delay (and headache) right before closing.
If you don't have a great Real Estate Agent who can recommend a great Mortgage Loan Officer, use the 10 questions from these ten blog articles when interviewing candidates and compare their answers. The results should help lead you toward a Mortgage Lender who knows his stuff.
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
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� May. 3, 2008 - RE: 10 Critical Mortgage Questions (#10)