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