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Can a mortgage preapproval be withdrawn? i.e. can I be turned down after getting preapproved?

by CSchultz from Lexington, Massachusetts. Apr 2nd 2013 Reply


George DeVIne (gdevine)
#7 ranked lender in Rhode Island - 46 contributions

A mortgage preapproval is always going to be conditioned upon various credit criteria, such as income and asset verification, or acceptable appraisal. If these items don't meet underwriting requirements, or if there is a material change in your financial situation, then yes, a pre-approval can be withdrawn. I'd be happy to review your situation and see if we can help. Feel free to email or call me at gdevine@atlantichomeloans.com or 401 301 0130. Best Wishes.

Apr 2nd 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Yes, pre approvals do not guarantee you will 100% qualified. Give us a call we may be able to still help you.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Apr 2nd 2013
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Robert Oliveira (roberto)
#13 ranked lender in Massachusetts - 90 contributions

A mortgage preapproval is always conditioned upon various credit criteria, such as income and asset verification, or acceptable appraisal. If these items aren't met or can not be met for underwriting requirements, or if there is a material change in your financial situation, yes, a pre-approval can be withdrawn. I'd be happy to review your situation and guide you if it is a credit issue as sometimes they be just a small issue to be resolved pretty quickly Feel free to email or call me at roliveira@provincemai.com or my cell 508 802 0935 any time. Most of my business is out your way so feel free to call and or email me. Thank you

Apr 2nd 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Yes, a pre-approval is simply a lenders best guess that everything SHOULD BE fine once you have a house and all aspects are considered. It is in no way shape or form any sort of loan guarantee. This brings up a great learning point. Your pre-approval is only as good as the Loan Officer who writes it. Do you realize 80% of Loan Officers are actually NOT LICENSED? YIKES... Always make sure you are working with a licensed loan officer. Visit http://joemetzler.com/lendershopping.htm for more information.

Apr 2nd 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

Yes you can be denied or turned down once the lender digs in deeper to your finances or if something changes between the preapproval date and the loan application . Pre Approvals are not always done correctly.If I can help you - please look me up at www.HOMEMORTGAGEXPERT.com Peter Savino 855 411 LEND

Apr 2nd 2013
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George Dokos (georgedokos@movementmortgage)
#55 ranked lender in Virginia - 25 contributions

Yes.

Apr 2nd 2013
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Cory Ure (coryure)
#46 ranked lender in Utah - 50 contributions

Yes you can be turned-down after a preapproval if there are any changes in your credit or financial situation or there are other issues with the transaction. Also, don't confuse a prequalification with a preapproval. A prequalification usually means a loan officer has talked with you and taken what you've told him about your finances and credit and said "Based on what you've said, you should qualify for $XXX,XXX amount of a loan. A preapproval means the loan officer has reviewed your credit, income and assets and other pertinent documentation and said "Based on what you've given me as proof of your ability to pay a mortgage we should be able to close this loan." But, if you buy a new car, lose your job, have your hours cut back, or any other issues an underwriter might not feel all warm and fuzzy about, the underwriter can deny or suspend your loan until you can provide additional documentation that makes them feel all good about it again.

Apr 2nd 2013
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Eric Blossman NMLS 211144 (eblossman)
#113 ranked lender in Texas - 63 contributions

Yes, a good LO can prevent that from happening but yes it is possible. What we do is take anything that could be an issue with our clients and clear them prior to the pre-approval. On some borrower's we do the full underwrite prior to issuing on a "To be determined" property. On others, we will issue the pre-approval based upon credit. The good LO's will know when to press further to protect you from having your loan declined after entering into a purchase agreement. My advice would be to speak with your Loan Officer at length and make sure that you disclose everything. That includes overdrafts, business losses filed on your returns, any new credit taken out, etc... Best wishes!

Apr 2nd 2013
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Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions

Yes, if your credit, income or assets have changed.

Apr 2nd 2013
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Jason Robinson (CFIsupport)
#56 ranked lender in Georgia - 106 contributions

Yes. Avoid any missed payments, credit inquiries, or irregular bank activity.

Apr 3rd 2013
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