preapproval reliable?

A pre qualification means a loan officer interviewed you and maybe look at your credit, and discussed your income and job situation, and says, "yes, I can get you approved".. Preapproval, means you did a full application, provided the lender with your tax returns, w2's, pay stubs, bank statements, etc.. And has viewed everything, and from that, has determined you are approved.. Can you still get denied? Yes.. All files have to go through underwriting, and if they find anything in the file they don't like, they can deny you.. in days of old, a pre approval was very reliable, and 95% plus would follow through and become a closed loan. Nowadays, it's not that easy to just look at someone's profile, and say for certain you're approved... Lenders are gun-shy and it shows in some of the stupid demands they impose on borrowers.. But, even though the system if flawed right now, your only chance of knowing for sure is to keep moving forward.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It the mortgage world, the answer is almost always "it depends". Following up on what others have said, a pre-approval is only worth the credibility of the loan officer/broker/lender who issued it. Even if the issuer has some due diligence, loans can be denied for factors out of your control. Just because you, the borrower, is approvable, doesn't automatically make the property backing the loan, approvable. Each type of porperty carries a different set of underwriting guidelines and properties can sometimes be denied, not the borrower. Good Luck!

it all depends on your factors, income, and debts, credit and money in the bank, called reserves, and how experienced your loan officer is.. you can email me at yourloanpartnerforlife@live.com 25 yrs in this industry.........linda or call me 6023301598

Also depends on what kind of upfront work you loan officer did during the pre approval. If they only collected verbal information it is not as secure as if they looked at actual pay stubs, asset statements...etc.

You always run the risk of not getting a loan. You need to work with someone that really will look at your tax returns and bank statements make sure your credit is in order. After eveything is looked at and you get a pre-approval that is good.But don't go buy a new car or take on any major debt while buying the house wait to get the keys in your hand first.

Larry (above) has the best answer, answering your question Example - pre approved on you credit, pre approved on your income, etc... You submit your application. There are pre conditions and post conditions from the Underwriter.... Word of advice - if you have a great score good income, etc and sure no issues will come up - go to a credit union and apply for a loan. Credit Unions are owned by members, not investors. The closing costs are less and possibly the lowest rate. However if issues come up - your application is dead. Next if is applying for a loan application direct with a conventional mortgage bank. Minor issues can be worked out, with a higher interest rate. If you have major issues - then choose a mortgage broker who can switch your loan between different lenders..... Good Luck

Pre-approvals are only as reliable as the person that writes it.My pre-approvals are fully processed and underwritten loan files and to do this we request a completed loan application, we pull credit, collect the required documents such as the W2's, bank statements, paystubs ect...... anything short of this is just a piece of paper.So with that being said pick your loan consultant carefully!Respectfully,Curtis

Your best bet is to get your loan FULLY underwritten if you want to be absolutely confident that there won't be any surprises later. Fully underwritten means going beyond the pre-approval and providing all documentation for income, assets and then ultimately into the hands of an underwriter. If you don't have anything quirky about your profile, you shouldn't need to go to that extreme as long as you have a good loan officer.I am an Illinois Lender. Feel free to contact me if you would like to run your scenario by me. I can let you know whether you may have any obstacles.

Following up on what others have said, preapproval means different things to different lenders. Final approval depends on a fully documented mortgage application, appraisal of the property and review of the file by an underwriter. A good mortgage officer won't issue a preapproval unless they are very confident of getting you approved. However, if the documentation you eventually provide is different than what you told them initially, or has changed significantly there could be problems getting you approved. I have some good flyers about steps to take when you are getting ready to purchase a home, as well as things to do or not do when you are in the process. Email me and I'll be happy to send them to you - no obligation. pdumouchel@primelending.com

Depends on who did the pre-approval and how diligent they were! Lowest rates. Best Service. 20 years experience in the industry. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson