Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 8 years ago

If I got pre approved for a home mortgage does that mean?

I will get the loan? Also I just realize I told them I have a savings account but its a checking account...will this make it more difficult to get the loan?

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  • 8 years ago
    Best Answer

    That really depends on who you received your preapproval from and how experienced they are.

    A preapproval from me means that you will get the loan.

    Unfortunately, I have seen preapprovals from lenders who had no business giving out the preapproval and couldn't give the borrower a loan at the end of the day.

    Did the loan officer go over your credit with you? Did they explain credit requirements for each program and how you compare with their guidelines? Is your lender ok with collections if you have any? Are you right on the cusp of being approved whereas if your score drops 2 points you won't be approved anymore? Did your loan officer go over your ratios with you and tell you what the program's guidelines are for ratios? Did they give you a loan amount that you couldn't go over and did they tell you what the maximum yearly property taxes would be so that you would still be approved? Did your loan officer tell you what type of property you were approved for (condo, single family, etc.) and how different property types affect the type of loan you are able to obtain?

    If you know all the answers to these questions then you are probably in good shape. If not, a second opinion may be in order BEFORE you start looking for a house.

    Checking vs. savings doesn't matter, the amount of money that's in it is what counts.

    Source(s): ******************************************************************************************************************* Mortgage banker for 15 years. We lend in 49 states. Concentrate on government loans - FHA / VA / USDA and first time home buyers. There is still 100% financing available in some areas. I love working with new buyers and I can get you approved for a mortgage. Feel free to message me with questions. Real estate paralegal for 10 years prior to working in mortgages.
  • 8 years ago

    It means that you have pre-approval. It does not mean that you will 100% get a loan. It means that on a cursory look at your financials, you would be approved if you applied that day.

    Listing a checking account as a savings account shouldn't change much, but when you decide on a lender, you should clear up the mistake.

  • 3 years ago

    It would not quite make experience to get pre-authorized by way of different lenders, as there is not any actual benefit. maximum folk of lenders will anticipate you to shop around, so as that they positioned an excellent purchase on the table the 1st time. it quite is effective to have the means to put in an furnish that the shopper is pre-authorized, because it strengthens the furnish. fee isn't the only element to contemplate, service of the non-public loan broking service, transaction expenses, remaining expenses, pre-fee effects, factors, appraisal expenses, previous due expenses, something that is going to cost you funds. Get the suitable very own loan equipment from the suitable lender you will discover. Please stay removed from information superhighway lenders, they have no vested interest in making specific you're satisfied and close on time. some information superhighway lenders are great, do what they say they'll do, while they say they'll do it. Others pull a bait and turn, offering you great words up front, yet while the appropriate records are available in, the words substitute to a miles less appealing equipment. additionally, some lenders are lacking deadlines, inflicting disillusioned to the finished transaction, and a few human beings are dropping their earnest funds because of the lender not being arranged at remaining. Being an reported shopper will coach you ways to stay away from very own loan be apologetic approximately.

  • ?
    Lv 7
    8 years ago

    Pre approval is useless and does NOT mean you will get the mortgage.

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  • tro
    Lv 7
    8 years ago

    it means you have been pre approved and now you can see if you can find a house that will qualify within that pre approval amount

  • 8 years ago

    No, it doesn't mean you will automatically get the loan.

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