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You have begun the house-hunting process! Soon, you will find the house of
your dreams. You will make a bid, and have it accepted by the seller. You'll
have all the inspections done on the house. At some point, you'll have signed,
and re-signed, and initialed, and re-initialed all the paperwork.
Then, you will go through the mortgage application process. You will gather
all the information the loan originator wants. You'll satisfactorily explain all
the little glitches and questions on your credit report. Before you know it, the closing will only be weeks away, and you will
be feeling pretty good.
It's smooth sailing from there, right? Probably. However, more than one buyer
has had the wind taken out of his sails at this point. This is not a time for alarm, but just a period for a little extra
caution. The span between the day you receive the approval of your mortgage from
the originator, and the moment they actually give you the money, is a tricky
one. Listed here are five circumstances that can affect your ability to close on
your loan in a timely fashion. Being aware of these situations can mean the
difference between getting your loan or having your approval rescinded.
One more reason to heed these warnings is to make certain you, as the buyer,
are not cited for default! Many purchase contracts contain the stipulation that
the buyer is in default if he or she does anything, intentionally, that causes
the mortgage to be denied. A default by the purchaser means that the buyer not
only does not get the house, but also is liable for damages suffered by the
seller.
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