Anonymous
Anonymous asked in Business & FinanceCredit · 8 years ago

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?

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  • Anonymous
    8 years ago
    Favorite Answer

    They all run it to verify that there are new debts.

    Source(s): Retired bill collector 35 years
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  • 4 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.

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  • 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.

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  • 8 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 4
    8 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
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  • Anonymous
    8 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.

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