Do all mortgage companies do a final credit check before completion?
I have heard mixed views. Will all mortgage companies definitely do another credit check before they allow the money to be transferred on completion?
- Anonymous8 years agoFavorite Answer
They all run it to verify that there are new debts.Source(s): Retired bill collector 35 years
- CynthiaLv 44 years ago
You betcha! You typically don't get final approval on the mortgage until about 24 to 48 hours prior to closing. They do run a final credit check at that time. If your credit situation has changed significantly it can result in loss of the mortgage or a change in the previously offered terms.
- 8 years ago
I've never known one that didn't, and honestly would not trust one that failed in their due diligence obligations to their investors. Every mortgage that I've ever had (more than I care to count, going back well over 30 years) ran a final credit check within 24 hours of closing, and most of them did it early on the closing day.
And yes, I had one that kicked back because I had applied for a credit card. It eventually closed but we were delayed for 3 days while the underwriter reviewed it. I was buying a refrigerator for the new house and got suckered in to a 10% discount for charging it to a Sears card, which I did not hold at the time. "No sweat," says the sales associate, "We can get you one in a few seconds." I had to prove to the underwriter that we had cash to pay for the fridge as we were right at the limits of qualifying for the loan.
- Go with the flowLv 78 years ago
All mortgage companies will do one final credit check before closing - ALL
Note: Was not aware that small companies may not.
Don't take any chances anyway. Don't gamble
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- ?Lv 48 years ago
most will review again upon completion like main banks halifax/barclays/santander smaller companies who need the business will only do it once.Source(s): i work for the bank a big one
- Anonymous8 years ago
Yes, they all do.
If you hear of one that doesn't, all that means is that they don't inform you that they do.