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Credit reports
DO NOT have every broker or lender you talk to pull your credit report. EVERY time a report is pulled, your score goes down. There have been instances where someone was approved, and then a month later when the lender pulls it again to recheck the score, THEY GET DENIED AT THE LAST MINUTE because they had a million credit pulls and dropped the score out of the required range. Pull your scores yourself through the online credit reporting companies, and then tell each one your scores. The broker you choose will need to pull them themselves to start the lending process.
Appraisals
Cutting the grass and making the front look nice will help your valuation. Blooming flowers in pots can do a lot to make a front look happier. Clean the house and especially the kitchen. Move cars from the driveway unless it is a luxury car. There was a case where a loan was denied on a house. Then the owner hung potted blooming flowers, cut the grass and asked a friend to park their Lexus in the driveway. Loan was approved.
Underwriting
The person that goes through everything on your loan at the lender is called the “underwriter.” It is their job to be OVERLY thorough and they usually are. Most of what they will ask for will seem ridiculous (most often it is) but they have to justify their existence to their bosses by being difficult. Just take a deep breath and get them whatever they want.
Title companies
Usually go with your broker’s suggestion, but check their fees. Ask for “normal closing fees” quote from the title company before you agree. Check a few others to make sure they are in line with what they should be.
Closing
Request a copy of the closing statement (HUD-1) to be emailed or faxed to you before closing. It is usually finished the day before closing so they can’t mail it. Go over all the numbers. Make sure they make sense.
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