We just closed a client this past week. The clients were people, albeit first time homebuyers.
They got pre-approved for a certain loan amount, and the loan officer told them what they needed to do prior to closing. Some of the comments were:
- Don't rack up any more debt on the credit cards
- Don't open up any new debt
- And protect your downpayment
And???? What happened? These very likeable, but new first time homebuyers lost their brains through the process.
- They ran up their debt
- They opened a couple of department store cards that were too good to pass up
- And...oh yeah...they dipped into their down payment funds because they figured that they wouldn't need all of hteir funds after they were verified
Guess what happened? We did get the clients approved and the loan officer and the clients were all happy and loving each other at closing. However.....there wasa lot of unneccessary stress in getting to closing. The experience could have been so much better.
Sometimes even the best laid plans doen't work out as planned!
Maybe next time