It can be very nerve-wracking to be so far down the road in the process and still be unsure as to whether your bank will give you final loan approval on your financing. But, this is how it is as the moment and it’s a waiting game. You have your contract, you’ve got a good appraisal, you’ve successfully navigated all the inspections, and now you sit and wait for your banker to tell you, “YOU’VE BEEN APPROVED!”

You must be very proactive if you want to avoid last-minute glitches in securing your financing. Once you’ve turned all the requested information over to the lender, things can start getting tricky. They’re going to carefully look through everything to see if they can spot any red flags. All you can do is wait this out, but do not be surprised if your lender requests more information, things they possibly forgot about, such as:

  • Verification in writing of certain bank deposits

  • Copies of various agreements

  • Proof of insurance

  • Cancelled checks from various transactions

  • Additional bank statements

This can continue right up until your date of closing. If you don’t provide the documents right away or if your lender can’t pull their act together, there is a good possibility you will miss the closing and be forced to reschedule. If you have movers or other types of services scheduled, these too will be affected. Although this rarely happens, it can and does from time to time.