95 Things That Can Go Wrong Between Application and Closing

A comical, yet realistic, list of the top 95 (and counting) things that can go wrong (and have gone wrong) with a mortgage application, approval, and closing.

  1. Your landlord refuses to verify you pay your rent.
  2. Your employer refuses to verify that you are one of his employees.
  3. You changed your job and forgot to tell us.
  4. Your $10,000 worth of stock would only sell for $7,000.
  5. The loan your co-signed for your brother last year has never been paid on time.
  6. The seller forgot to pay their property taxes (for the past 5 years).
  7. Your bank has a 5-business day hold on your recent deposits.
  8. The collection account you thought was paid... isn't.
  9. The listing ticket said the property taxes were $1,800 per year, but the actual taxes are $3,000 per year.
  10. We are unable to verify the charge cards you paid have zero balances.
  1. My underwriter does not share the same enthusiasm for leaking basements and leaking roofs as the seller does.
  2. You forgot to tell us about the bankruptcy that you filed 5 years ago.
  3. You forgot to tell us about your other mortgage payment.
  4. My underwriter thinks you have too many credit cards.
  5. The city inspection can't be done for 3 weeks.
  6. Your $5,000 gift is accompanied by a $3,000 gift letter.
  7. The house you're purchasing is appraised too low.
  8. You keep throwing out the bank statements and pay stubs I'm waiting for.
  9. Your bank never returned the asset verification we sent them 3 weeks ago.
  10. The surveyor surveyed your new neighbor's house.
  11. My underwriter thinks RUSH means 5 business days.
  12. You haven't filed your income tax returns for the past year or two.
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