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Loan Progress Notes
- Have you chosen an insurance company for homeowners insurance? Even on a condominium you need an HO6 homeowners insurance policy which covers all of the “walls-in” items like fixtures, flooring and appliances. You can read about HO6 insurance here. And it is also advisable to get a ‘renters policy’ or a ‘contents policy’ so that your personal belongings are insured. On a condominium there is a Master Dwelling Policy that covers the whole building that you pay for as part of your condo fees, but this almost always does not include any coverage for interior finishes and fixtures or your personal belongings.
- Have you chosen movers and scheduled your move?
- It is critical to note that Fannie Mae, Freddie Mac, FHA and VA require that we pull another credit report just a day or two prior to settlement. They want us to monitor your credit for new credit accounts and increasing credit card balances that may negatively impact your debt ratios or your credit score. So please DO NOT USE YOUR CREDIT CARDS for anything other than normal expenses and do not take on any new credit until after settlement. To read more important information about this click here and click here.
- This is a perfect time to use our Mortgage Calculators and print a Payment/Amortization Schedule. GetLoans.com® Mortgage Calculators