Is Now the Right Time to Buy Real Estate?
April 17, 2016
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How much should you tell your loan officer?

As your loan broker, I don’t need to know what your Facebook status is, unless it states that you’re in Vegas and just lost a lot of money.

I do need to know how big your spending appetite is, what your new car payments are going to be and what goes in and out of your bank accounts.   May sound harsh, but know that even a small cash deposit can decrease the chances of your loan approval.

Rule of thumb: any changes that can affect your assets (bank accounts, equity, etc.), your income (any income used for your loan) and your credit (anything extra you buy after your credit check) should be shared with your loan officer.

So next time you receive a cash gift from your rich uncle, before running to the bank, consult with your loan officer first. You’ll thank her later.

 Till next time, happy (real estate) hunting.

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