Beware of Bank Promises! Always Have a Backup Plan | The Importance of Escrow and Backup Plans

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I learned a tough lesson about dealing with banks and their promises. No matter what a bank says verbally, it may not come true until the money is in escrow and dispersed.

I was promised a credit line for a property rehab if I gave the bank the first lien. After refinancing and giving them the lien, the bank's credit committee rejected the credit line. Thankfully, I had cash reserves to fall back on.

Key Takeaways:

Don’t fully trust verbal promises from banks until the money is secured.
Always have a financial backup plan.

Banks may charge higher interest rates if they sense financial stress.

Stay prepared to avoid similar situations. If you found this helpful, please like, comment, and subscribe for more real estate and finance tips!

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