I sign all the paper work tomarrow at 10am.,,is there a chance the bank will run the credit reports again on closing day? Its sunday now and all banks are closed....Friday I got the call that all the numbers were in and got the amount i needed to pay at closing,,,and they were going to request the funds,,,any advise,,,
2007-09-09 12:20:16 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Chances are they won't run it before closing tomorrow, sometimes they do however, run the credit again prior to closing, a lot of people have been known to go out and purchase a car after being approved for a mortgage and that will screw up the closing. Your mortgage company will already have a copy of the credit report they ran because they will have had to have you answer anything questionable on the report.
You will be fine, they should have requested the funds already that would have been done on friday before COB because the check will have to be delivered to the seller at closing tomorrow morning, if the funds didn't go thru the closing will have been pushed back.
Good luck and congrats on your home.
2007-09-09 12:28:24 · answer #1 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
If the bank has already agreed to give you the loan, then I am sure that is what will happen. Very likely they did the credit check before agreeing, so there seems little reason to delay by doing another. Just let them know you need it now. Here in Ireland, what happens is the bank pays the solicitor direct, the money isn't handed to you.
Congratulations on your new home.
2007-09-09 12:31:35 · answer #2 · answered by bluebell 7 · 0⤊ 0⤋
You bet your sweet *** Bunnylover !! with the recent current events in the banking industry banks need to make sure every mortgage is a solid one .. I am quite sure there will be some delay tomorrow morning and the will pull your credit one more time. The only thing you may want to do if you are worried is come up with a larger d/p ...
2007-09-09 12:43:20 · answer #3 · answered by Beau S 2 · 0⤊ 0⤋
Yes, there is a possibility that your credit could be re-run on the day of your closing. If the bank has given you final numbers and you have a 10 AM closing on then that means that the "doc's are at the title company", because the title company needs to prepare your HUD1 statements. Did you use your credit?
2007-09-09 12:27:40 · answer #4 · answered by AI 1 · 0⤊ 1⤋
Just be prepared to sign a TON of papers. You are all approved already. Anything they did not catch before they won't catch by tomorrow. Congratulations.
2007-09-09 12:35:02 · answer #5 · answered by rmrndrs 4 · 0⤊ 0⤋
Doubtful after the commitment has been assured, unless you had made a large purchase like a car, etc., there should be no problem.
2007-09-09 12:27:06 · answer #6 · answered by ~ Floridian`` 7 · 0⤊ 0⤋
sounds to me like your in business,as long as you have the moo-la on hand the bank wont give a hoot. remember money talks and BS walks. enjoy your new home!! invite us all over to the house warming party. party at your house!!!!!!!!
2007-09-09 12:32:10 · answer #7 · answered by Badbitty 1 · 0⤊ 0⤋
should all be ok, dont stress, we have recently purchased first house, hubby has a dodgey credit history (not his fault) they will have checked all this and Mon is just transferring deeds and money over, you will have the keys on monday, congrats
2007-09-09 12:26:37 · answer #8 · answered by t.s 5 · 0⤊ 0⤋
Be prepared for the plumbing to spring a leak the day after you close.
2007-09-09 12:26:25 · answer #9 · answered by zxdfmlp 3 · 1⤊ 1⤋
Unless they suspect that something was misreported, they've done all the checking they are going to do.
2007-09-09 12:39:58 · answer #10 · answered by Judy 7 · 0⤊ 0⤋