Altering your financial picture before the closing date.
When looking to buy real estate the first thing anyone does is to get preapproved with a mortgage broker. They take a snapshot of your current financial picture and give you a pre approval based on this picture.
Once you have handed in your deposit and signed off on subject removal, there is a firm and binding deal. But wait…
One more time before the Completion day the lender will take one last look at your financial picture to make sure that everything is the same as it was when you were pre approved.
If you have gone out and leased a Land Rover and bought a house full of new furniture on credit, this can seriously alter the money you had available for your mortgage payment. Slight alterations in your credit ratio can make your lender turn around and say no way to your mortgage.
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