Once again – do NOT finance appliances or anything else until AFTER close of escrow. Lenders now check for new debts obtained from the time a loan is submitted through the time a loan funds.
We had clients contact us today on their way to finance appliances, and we could not be happier that they did b/c we stopped them. If they had financed appliances, the lender would have discovered it; we would have then had to re-do the loan application (with the new debts) and get them re-approved. This would have delayed the transaction by as much as a week, and our clients would have lost their rate-lock.
Also – it is important to tell us (your mortgage broker) EVERYTHING. We often have borrowers not tell us about a “free and clear house” they have in Bucktustle, or child support payments from a one-night stand in 1999, or the fact that they really do not live where they claim to live. Lenders really do their due diligence and most non-disclosed information surfaces sooner or later and transactions get killed.
We won’t help you outright “lie”, but we sure as heck will help you embellish and spin your stories in the best possible light. But, if you do not tell us everything and the information surfaces too late, there is often no way to “spin” things, and deals blow up. Tell us everything, and let us “spin” the facts.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167