7 Tips To A Successful Mortgage Closing in Texas
Home buyers around the nation are often asking what they can do to ensure a smooth closing. With all of the changes in this industry and to our Underwriting guidelines I have put together a small list of items, which if followed, will aid to make your closing a success.
DO bring a cashier’s check made out to the title company for your closing costs unless you owe less than $1000.00 in which case you may write a personal check.
DO notify us if your salary or other compensation changes from what is noted on your loan application.
DO inform us if your address changes from what appears on your original loan application. We will complete rental and mortgage verification for all of your residences within the last two years.
DO obtain homeowner’s insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house. Call your lender with your agent’s name and phone number at least 10 days before closing.
DO keep documentation (or a “paper trail”) on any large deposits into your account. A “paper trail” is composed of the copies of all paperwork necessary to prove a financial transaction: copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.
DO notify us if you move funds from one account to another. Provide a “paper trail” on transactions.
DO make sure you have a clear termite report on the property. If the termite report is not clear, provide a receipt for treatment that shows the chemicals and the amount used for treatment. * Not required on all loans.
Remember that nothing is final until all parties have signed. I don’t say that to place a negative spin on anything but caution should be used until a funding number has been issued and all parties have closed on the transaction. There is nothing worse than finding out at the closing table that a new debt you incured no longer qualifies you for the loan or that your funds aren’t coming from the source that we verified.
The best thing to do is ask questions…if you are unsure if an action you need to take will cause an issue then just call and ask. Trust me, as your lender, we don’t want anything to cause you issues at the closing table.
It’s always my goal to see you or your client to a smooth, successful closing. Please contact my office if I can be of assistance or if you have any questions.