uyers may want to purchase furniture to outfit their new home prior to closing. But if they’re not careful, they could cause delays in closing or even lose their home loan.
Since 2010, mortgage giant Fannie Mae has mandated that lenders recheck a borrower’s credit prior to closing on a mortgage. If anything new arises in the credit re-check, lenders may want to delay the closing to verify the borrower can still afford the mortgage. In some cases, the lenders may even cancel the mortgage prior to closing, which could mean a higher interest rate on a new loan. “We tell our clients about this upfront, and keep reminding them through the entire process not to go buy a new bed or a refrigerator,” says Michael Daversa, president and founder of Atlantic Residential Mortgage. “What you’re supposed to do is keep everything status quo.” July State of Market, Where Cost Per Square Foot
No comments:
Post a Comment