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30 days stretch


quanxavier
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I'm in the final 30 days of new construction and I've been sitting on my hands. I've made sure that nothing new is on my credit report. At this point I've been pre-approved for a FHA 30yr loan @ 6.25% on a home thats $212K and checking daily hoping the rate will drop so I can lock in my rate. At this point is there anything else that I can do to ensure a smooth transaction?

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I would suggest that you confirm that the initial appraisal has been done already, so you are certain that the value is going to be what you need. Some LO's wait to have just a final appraisal done, to save the borrower a few $. WHY? If you do an initial appraisal with a follow up completion appraisal, it will cost about 100.00 more total. To my way of thinking based on my past experience, the peace of mind is well worth the expense.

Other than that, and I am sure that your LO has said this many times, don't do anything financial from now until the keys are in your hand. Don't go car shopping etc that will entail your credit being run, don't get mad at your boss or let your boss get mad at you-as you don't want to switch jobs at this point, continue to pay your rent on time. I am sure that you know all of this, but people sometimes forget and risk changes in the situation.

Charles

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