Closing a Loan

Closing a Loan

Here are a few helpful tips you should take into consideration before closing a loan.


 
  • Bring a cashier’s check made payable to the title company for the amount of the closing costs.
  • Notify us if your salary or other compensation changes from what is documented on your loan application.
  • Notify us if your address changes from what appears on your original loan application. We will complete rental and mortgage verification for all of your residences within the last two years.
  • Be sure to get homeowner’s insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house.
  • Be sure to share the agent’s name and phone number with your loan officer at least 10 days prior to closing.
  • Keep documentation on any large and significant deposits into your bank accounts. This type of “paper trail” is compiled of copies of all paperwork necessary to prove a financial transaction: copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.
  • Notify us if you transfer funds from one account to another. Provide records on such transactions.
  • Be sure to verify that you have a clear termite inspection on the property. If the termite report is not clear, provide a receipt for treatment that shows the chemicals and the amount used for treatment.
  • It’s best not to acquire any additional lines of credit or make any large purchases on existing credit without first consulting your loan officer. As examples, purchasing a car or buying major appliances for your new home will negatively change your debt-to-income ratios.
 

 

  • It’s best not to change jobs without notifying us. A change in compensation could affect your ability to qualify. Borrowers must have a two-year history of bonuses and/or commissions to be counted as income. As a quality control check, we may verify employment on the day of closing.
  • It’s best not to co-sign with anyone to obtain a line of credit or make a purchase. The payment will show up on your credit report as an additional debt.
  • It’s best not to negotiate your contract with an allowance and expect to get money back at closing. An allowance can be used to pay closing costs and/or prepaids.

If you are unsure about what to do at any point during the loan process, please contact your loan officer for more information.

Closing a Loan

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020