Even after you have been pre-approved for a home loan, it is of extreme importance to keep your lender informed of any changes that may have occurred since then.
Examples include- change in job status- new job, job termination, or change in pay structure.
While the lender takes your initial information to approve the loan, they also update the information during processing of your mortgage loan, and the end result for your loan is determined by your pay at closing time.
A verbal verification of employment is also conducted the morning of your actual loan closing, to ensure the lender you are still employed.
Tip provided by
April Countryman
Mortgage Loan Officer, Primebank
NMLS ID #709687
712-224-2314
www.primebankmortgage.com
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