The holiday season is upon us and the temptations that come out this time of year make the home buying and mortgage process even more hectic and tricky than normal. A common misconception that homebuyers have is that the mortgage approval is complete when the loan officer gives them a pre-qualification letter or when they receive the telephone call that they have been approved in underwriting.
What most consumers don’t realize is that the mortgage approval process occurs in stages and continues to the day of closing. The changes they make to their income, asset, debt or credit profile can change an approval to a decline very quickly. (more…)