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Can you be denied your mortgage on closing day?

by kelleyannew93379 from Pittsfield, Vermont. Apr 27th 2015 Reply


Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

In most cases, once your loan is approved by an underwriter there should be no change to the approval. However, most approvals require the reverification of employement, credit and a few other things that have the possibility of changing between the initial verification and closing. If any of these reverified items change for the worse it can change the approval.

Apr 27th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

It's possible. As stated, there are some conditions for your approval which have to be verified or documented the day of closing. If you go out and buy a car the day of closing with a new loan that could be flagged and cancel your approval; i've had customers who left their job a day or so prior to closing thinking they were approved and it wouldn't matter. So, yes -it's possible if not common.

Apr 27th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes.. you can be denied anytime up till the the loan is funded and the deed is recorded.. However, if you loan is approved and the lender went so far as to produce loan doc's, then unless they find something that wasn't initially disclosed, or if they suspect loan fraud, it's unlikely you will be denied on the day of closing.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 27th 2015
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