AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
I've been a student for the past 1.5 years. I've been receiving student loans to pay for tuition and some living expanses since day one. I'm about to fill an application for financial for 2009-2010 school year (like I did since I started school). If I'll get another student loan, it will increase my debt from 16k to about 25k. Will such an increase hurt my chances of getting approved for a mortgage? Also, I'm currently pre-approved for a mortgage and I already placed and offer on a house and it was accepted, we're closing in 3 weeks. Is there any chance that the increase in my debt will change my eligibility for a mortgage?
Thank you
Jim
Answer Jim, There is no way of knowing for sure but my guess is that increasing your debt could jeopardize your mortgage approval. Many lenders will check credit prior to funding to make sure there have been no adverse changes. I suggest that you consult with your mortgage officer for more information. Jim
