You get preapproved by your Bank.You find the right house and put in your offer conditional upon financing.The Bank says you are approved and you can waive your financing condition.You do that and now you have a firm deal except.............you get a call two days later telling you your approval is being cancelled.They missed some information and now that has come to light, you can't be approved. You know are in a position of being sued, not to mention you have given your landlord notice and he has somebody already interested in your apartment.The lender absolves themselves from any responsibility.

Happened a month ago to a client who was referred to me, obviously in a panic. We did get them the financing and they did move into the home, but it brought up a point that is often a topic of discussion with clients when getting a mortgage.

We do ask for a lot of information from you up front when we are starting our relationship with you. Probably, more information than you think we need but this level of scrutiny in the approval process is due to government oversight in the overall lending process.We want to give you the best chance of being approved, so we ensure we vet every aspect of your application to make sure you will comply with all the guidelines in place.No surprises-no "Oops we made a mistake".We take our responsibility seriously.We do our job.Not all Bank's do the same.