More of the 15 Mistakes Revealed

6 Trying to secure more than one loan at a time before the closing occur on the first loan.
Don’t Apply for ANY additional credit while in loan underwriting through to not only funding but closing of the loan request.

7 On a refinance of a property not being aware of how much the pre-payment is going to run the borrower.
Get an actual payoff from the existing lender, do not rely on what you are reading in your own “docs”, there will be ancillary fees

8 Under estimating the time for the ancillary services such as Insurance, Title, Escrow, etc. to get their needed documentation & policies underwritten and put in place.
Line up all your additional services before loan underwriting gives final approval, and then all you have to do is authorize the payment of the services once loan approval has occurred.

9 Relying on a Financial Spread by the Business Development Office , or Letter Of Intent as the final terms, conditions and approval.
Don’t rely on any preliminary Business Development Officer terms and conditions; only rely on the loan approval doc’s terms and conditions.

10 Relying on the credit score that you pulled for yourself on free credit internet sites as your real score expecting that the lender is going to get the same rating when they pull your credit.
Just Don’t Do It!
Lenders credit reports will always vary from the credit reports that we pull ourselves.

For more on underwriting of commercial or business loans visit our site.  Also our book GET Your Loan Closed goes into much greater detail.