The Two Things You Should Expect Just Before You Close On Your New Home Loan.

Today’s closing day and your mortgage broker/banker shares with you the two things that will be happening just before you close on your new home loan and you are in shock most likely:

1. The lender is going to call your employer to verify you are still employed and that your employment is in good standing, your earnings are the same or better and your outlook for job continuance is very strong.
2. A reissue of your credit will also be requested.

Your response is how could the lender possibly wait to the very last minute to complete these two items.

The mortgage broker says think about if you were the one giving a loan wouldn’t you want to make sure the client was still fully employed and wouldn’t want to make sure over the last four weeks of going through the loan process you have not incurred more debts and financial obligations than you stated on your mortgage application 4 weeks ago.

These two items are called quality control and fraud prevention or fraud guard and every lender goes about it the very same way. Being prepared is the only solution.

Here is what you can do to make sure you don’t have any last-minute hiccups.

1. When you start your loan process make sure you always ask your lender for do’s and don’ts of the loan process follow them the entire time.
2. During your loan process whenever you are spending more than $250.00 call your mortgage professional and ask if it’s a good idea and ask if your financing will still be okay.
3. Let your employer or HR management department know to pick up the phone. Your lender will call to verify your employment.

Friends quality control and fraud prevention is a very important part of every loan process whether you are purchasing or refinancing.

Now you know the two things that must and will be completed just before you close on your new home loan.

If you’re currently working with a mortgage person who is not educating you about what is happening next and why, I would love it if you contact me. I can walk you through on what to expect. 

You can also share this video with a friend or co-worker who can benefit from a mortgage professional who has the heart of a teacher.

Contact Us Today at 772-444-6362 To Start Your Mortgage Pre-approval.