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While different lenders offer the same type of loans.. some lenders actually know how to qualify a borrower. I rescue numerous of deals where a lender told their client they qualify.. then... a week before closing they deny the loan. Instances include inaccurate or no calculations of reserve funds, inaccurate calculations of qualifying income, and not accurately documenting source of funds.. to name a few. I would research your lender and see how they are reviewed. Your Lender can make or break you.
@Anonymous wrote:While different lenders offer the same type of loans.. some lenders actually know how to qualify a borrower. I rescue numerous of deals where a lender told their client they qualify.. then... a week before closing they deny the loan. Instances include inaccurate or no calculations of reserve funds, inaccurate calculations of qualifying income, and not accurately documenting source of funds.. to name a few. I would research your lender and see how they are reviewed. Your Lender can make or break you.
^^^This is so true!
C_Mortgage_Banker wrote:While different lenders offer the same type of loans.. some lenders actually know how to qualify a borrower. I rescue numerous of deals where a lender told their client they qualify.. then... a week before closing they deny the loan. Instances include inaccurate or no calculations of reserve funds, inaccurate calculations of qualifying income, and not accurately documenting source of funds.. to name a few. I would research your lender and see how they are reviewed. Your Lender can make or break you.
Nailed it...I cant tell you how many times this scenario has been played out!