Today’s public service message is short and sweet to homebuyer’s everywhere:
When your loan officer tells you not to buy anything using your credit card during the loan process…..Listen up!
When your loan officer tell you to be sure you have a paper trail for ANY funds you receive during the loan process….Listen up!
When your loan officer tells you that any gift funds that someone is willing to give you must not go directly into your bank accounts…Listen up!
When your loan officer tells you not to deposit those “stashed under the mattress” funds into your accounts….Listen up!
As a borrower you must understand that the loan qualification does not end when your lender pre-qualifies you for a loan. Any changes to your financial position before your home purchase is COMPLETE will affect your ability to procure your loan. In most cases the effect is that you disqualify yourself for your loan.
Your lender will be monitoring your financial situation throughout the loan process and WILL be aware of changes to it. Be sure that you not only hear what your loan professional is telling you, but also be sure to LISTEN UP!!
If you do, you will find that the loan process is much simpler and less stressful.