Common Closing Delays

An often challenging part of the financing process occurs when we hit "speed bumps" or sometimes, road blocks due to common borrower activities. Here are among the most common that you can avoid a speed bump in your own loan's process.
Do not quit your job, for obvious reasons :-) SO if the boss has been particularly demanding that day...bite your tongue!
Do not move money around in checking, saving, 401k or other asset accounts. If a bank verification shows a recent increase in your accounts an explanation of the increase will be required.
Avoid making any large purchases that could change the debt to income ratio, from which your financing was approved. If all of the sudden a new tradeline appears on your credit report and reflects a new car payment for example, it could jeopardize your loan approval.
Try to avoid cash advances or other large purchases or debits on your credit card.
Try to maintain your current liquid cash deposits and accounts.
To the same tune, do not make a large deposit into your account, other than typical income from employment, social security, etc. A large deposit will have to be verified and explained, so be sure to have a paper trail. Example, if a parent gives you a gift for your purchase or downpayment, be sure that they keep the deposit slip and we can verify that it came from their account and deposited into yours. *Note, gifts for downpayment are only allowed on FHA loans from a relative.
Don't allow any additional inquiries (credit checks) on your credit, this could drop your score.
Do not open or close any accounts.
Continue to make ALL of your payments as agreed, especially your mortgage even when you are refinancing your loan. This is a common question. If your payment is made and you close the next week, then your payoff will reflect such, therefor reducing your mortgage payoff (on a refinance) and you will simply get more cash at closing. Either way, that payment is going to be made. When borrowers have opted not to do so in the past, there is a surprise when the settlement statement is calculated as now their could be additional late fees from the current mortgage company.
Quickly return all documents from the lender or settlement company.
Inform your Mortgage Broker of EVERYTHING. We eventually find out, by telling us up front allows us to correctly handle the issue and avoid a potentially bigger and more costly problem. Your Mortgage Professional is your friend :-)