$64,000 is now in jeopardy, and the chances of him closing on the house; slim to none. His deposit totaled nearly ALL of his Life savings. Because of a mistake made by this Loan Officer, this gentlemen in on the verge of losing his entire life savings. The only viable chance of him ever seeing that money again is if the sellers' have a big heart and do not decide to keep it, as legally they have the right to keep every cent of that $64K. Make sure you fully disclose all of your financial info to your Loan Officer and lending team, it can make a BIG difference & if they're not experienced enough to ask you, disclosing it to them on your own is always a safe bet!
Example #2
Alex was excited about making her first home purchase. Being in the Washington, D.C., area, she was limited with pricing options, with many of the lower-cost homes around $250,000. She went to several banks and got preapproved for different amounts at various lower interest rates. She found her dream condo, and, after some deliberating, she decided to go with the lowest rate of 4% offered by her lender. She completed her paperwork and submitted it with her 10% deposit. The rate wasn’t her only deciding factor. Personnel had been friendly and great at communication, making her feel very comfortable about the process. Until now. Suddenly, it seemed as though all of the bank corporation dropped off the map. A closing process that should have taken 30 days or less turned into several months of waiting and a larger deposit of an additional $20,000. They ran her in circles, until the seller told her, through the real estate agent, that the deal was over if she didn’t find another solution. Luckily, the seller’s real estate agent referred her to
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