Pre approved for a mortgage &..?
Me and my fiance just got back form a mortgage appointment.
He pre approved us and gave us a paper saying how much and blah blah. We were trying to look for a house before we were pre approved and they showed us one house and then asked if we were pre approved and then when we said no they wouldnt show us anmything
What do we do with this paper? Call to see a house and show them the paper of how much?
Im so super excited but... just because we were pre aproved doesnt mean for we will get a loan does it?
- Army♥WifeLv 61 decade agoFavorite Answer
Realtors wont show you anything with out being pre approved because its a waste of their time and yours. With being pre approved they and you will know exactly how much you can afford and show you homes in your price range. And no a pre approval in no way guarantees you a home loan. Your best bet to get the loan is do not change a thing since you were pre approved, keep paying bills,don't run up existing credit,don't open new credit,don't make any big purchases such as furniture or cars etc. Just live frugal until you have closed on your house. Good luck!!
- Rush is a bandLv 71 decade ago
It gives the realtor an idea that you really can afford (and get a loan for) a house in a given price range.
I would imagine there is nothing more frustrating for a realtor than showing someone houses they have no chance of affording.
You show the paper to your real estate agent (and one that wouldn't show you houses without it might not be the best agent for you).
The pre-approval means that if the information you gave them is verified then you should get a loan for that amount (if, however, you have a $400 car payment you forgot to mention, you won't get that much).
One more warning - just because you can get pre-approved for an amount doesn't mean you should. You should get a good faith estimate on the payment and see if that is truly affordable for you.
good luck!Source(s): Took 4 years to conceive #1 YEARS. Talk about frustrating!
- ♥M♥E♥A♥Mom♥Lv 61 decade ago
Once you get your preapproval letter then you can make offers. The buyers just want to make sure you are really able to buy the house when the accept (or decline) your offer. Just because you have pre-approval does not guarantee you will be approved but it really does help. There just may be some hoops to go through to get you in a house still. Nothing is guaranteed until your loan funds and the keys are in your hands.Source(s): My mom has been a mortgage broker for a long time.
- 4 years ago
Whiel it is a good indication that you will get the loan, it is not 100% guaranteed. The pre-approval is based solely upon information you provided. This information still needs to be verified and your credit reports pulled to make sure that everything is as you say. The underwriter then needs to provide final approval. It is in the best interests of the loan officer/broker to only pass on applications that are likely to be approved.
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- fakehuskieLv 51 decade ago
Look at houses, that are in the price range you are approved for and then lower it to a price range that you are comfortable with. Just because you are approved for $300K, doesn't mean, you should find one that is $300K. Buying for what, you where approved for, is what got some people in trouble. Look at the price per month, and guessimate insurance and escrow on top of it.
- golferwhoworksLv 71 decade ago
call the realtor and tell them what price range you are approved for. If nothing you gave the loan officer is not true then you should get the loan
I am a mortgage banker in TN
- 1 decade ago
first. Congratulations!!! My fiance and I are in the middle of doing all the same stuff you guys will be doing!!
The paper really is just to show the realtor that you are serious about buying a house. They need it as well to see numbers, how much you were preapproved for, the %rate estimated. Ect. they just really need to see everything in writing. EVERYTHING in buying a house has to be in writing!
Good luck!! Don't let anyone take advantage of you, first time home buyers, we get walked all over, if you don't like your loan officer, your realtor, ect, you don't have to stay with them, if they arent showing you what you like, go to someone else! It all matters what YOU like, and what makes you comfortable!!Source(s): in the same place as you! :)
- 1 decade ago
Some agents are really silly and wont show houses if you are preapproaved because they dont want to just show it to every one. so if you are preapproaved then YES, you will get the loan :D :D I got approaved a litte while ago but never actually bought! I WOULD BE EXCITED! Its an exciting time!!!! Congrats :D