Two big mortgage changes have occurred in the past few months that can cause huge headaches for buyers. And since most home purchases are financed, this is becoming a big issue.
- Lenders are taking longer to get a loan closed. If you wait a week to apply for your mortgage, you're asking for trouble. If you can't close on the property by the closing date in the contract because the lender hasn't completed the underwriting, then it's your fault. You may loose the property you are trying to purchase along with your earnest money.
- Lenders are now running an additional credit report on the buyers just prior to closing. Sometimes its the day before closing. So if you've made purchases on credit (like new furniture or appliances) or had an increase in credit report requests, it could cause major problems.
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