How to mess up your home mortgage closing
When getting a new mortgage it is imperative to have your credit in order. Even after being approved, you should restrict the opening of any new accounts that could effect your credit or debt-to-income ratio because lenders are beginning to be more strict on who they lend to and are doing credit checks up to the day you close.
“Lenders have gotten stricter in response to the mortgage meltdown. The latest tightening of the screws comes from Fannie Mae. The mortgage titan’s Loan Quality Initiative, which went into effect June 1, requires lenders to track “changes in borrower circumstances” between application and closing.”
Read full article: 3 ways to mess up a home mortgage closing
Hopkins, MN. Home Repair.