Why You Should Listen to Your Lender When Buying a Home in Amarillo
Getting pre-approved is exciting. You have a better idea of your budget, you’re ready to look at homes, and buying suddenly feels real.
But your lender’s instructions don’t stop mattering once you have that letter—or once your offer is accepted.
When buying a home in Amarillo, keep communicating with your lender from the first conversation through closing and funding. A quick question before making a financial change can help prevent a much bigger problem later.
Pre-Approval Is the Beginning of the Process
A pre-approval letter is based on the information your lender has reviewed and certain assumptions. It is not a guaranteed loan offer. Your lender still needs to complete the review required for your particular loan and property.
That means “I’m already approved” should never be your reason for ignoring a request or making a financial change without checking first.
Think of pre-approval as your starting point. Keep your lender involved as you move toward closing.
Ask Before Opening Credit or Making a Big Purchase
It’s tempting to start preparing for your new home as soon as you’re under contract. Maybe you’ve found the perfect furniture set, an appliance sale, or a store offering interest-free financing.
Before opening that account or committing to a large purchase, call your lender.
That includes cosigning a loan for someone else. Before agreeing, ask your lender to review how that obligation would affect your financing.
Fannie Mae’s buyer guidance recommends avoiding new credit cards, new loans, and large purchases before closing. A purchase you consider manageable may still need to be reviewed as part of your financing.
My advice: let your lender tell you what works for your loan before you commit to it.
The sofa sale will not feel like much of a bargain if it complicates your home purchase.
Tell Your Lender About Employment Changes
If you’re considering a new job, planning to leave your current position, or experiencing a change in pay or hours, tell your lender promptly.
Employment verification can happen close to closing. For example, Fannie Mae’s requirements generally call for verification of employment income within 10 business days before the mortgage note date, with permitted alternatives in certain circumstances.
A change doesn’t automatically mean you cannot buy the home. It does mean your lender needs the opportunity to review what changed and explain any additional requirements.
If an unexpected change happens, communicate immediately rather than waiting for the lender to discover it.
Check Before Moving Money or Paying Off Debt
You may need to transfer savings, receive help from family, or adjust accounts as you prepare to buy. Your lender should guide you on how to document those funds.
For loans subject to Fannie Mae’s applicable deposit rules, a large deposit used for the purchase may require documentation showing an acceptable source. Transfers between accounts may also need a clear paper trail.
Before moving substantial funds or accepting gift money, ask what records your lender needs and whether those funds are acceptable for your loan.
The same “ask first” approach applies if you’re considering a lump-sum debt payoff. Ask your lender whether it fits the plan for your loan and leaves the funds you need available. Continue making your regular required payments.
Send Requested Documents Promptly and Completely
Yes, it can feel like the lender has asked for the same paperwork more than once. If you don’t understand a request, ask what is missing or what needs to be updated.
The Consumer Financial Protection Bureau recommends responding quickly, following submission instructions, and including every page of multipage documents—even blank pages.
To keep things moving:
- Check messages regularly.
- Send complete, readable documents through the lender’s requested method.
- Confirm receipt when needed.
- Tell your loan officer if you cannot meet a requested deadline.
You don’t have to understand every underwriting step. You do need to stay involved and responsive.
Ask Questions Instead of Guessing
Listening to your lender doesn’t mean you can’t ask questions. You should understand what they’re requesting and why it matters.
Useful questions include:
- “Will this purchase affect my loan?”
- “What do you need before I transfer these funds?”
- “Should I pay this balance off now or wait?”
- “What is still outstanding, and when do you need it?”
Your loan officer is the person to answer questions about your specific financing. As your REALTOR®, I help coordinate the home purchase and keep communication moving among the people involved.
Frequently Asked Questions
Is a pre-approval a guarantee that my loan will close?
No. It is a preliminary indication of what the lender may be willing to lend, based on information and assumptions. Keep following their instructions throughout the remaining process.
Can I buy furniture before closing?
Check with your lender before making a large purchase or applying for furniture financing. My practical recommendation is to save major shopping for after the purchase has closed and funded.
What if I already made a change?
Tell your lender immediately. Explain what happened and ask what they need next. Giving them accurate information is more useful than hoping the change won’t come up.
Planning to Buy a Home in Amarillo?
My goal is to help you understand the process before you’re trying to make decisions under a deadline.
My Amarillo Buyer’s Guide includes a 12 Mortgage Mistakes to Avoid page you can keep handy throughout your purchase. Use it as a reminder, and ask your lender how each item applies to your situation.
You can also learn what to expect from a buyer consultation.
If you’re planning to buy in Amarillo, Canyon, or Bushland, let’s talk through your goals and the steps to get started.
Haley Sutter, REALTOR® | Brokered by 2015 Real Estate
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