Posted on: 01st Feb, 2006 01:12 pm
we are pre-approved for a loan. The appraisal has been done and we are now waiting. Who decides the loan. Does being pre-approved not guarentte anything? we have to give notice at our current rental property of 30 days and trying to avoid 2 payments in 1 month. Please help
Hi,
Generally a good lender doesn't trouble you after you are pre-approved. THe pre-approval letter confirms that you have been qualified by the lender for the loan after necessary verifications.
The lender is the final person to decide on the loan. The underwriter may be the broker or the lender himself who analyzes all the datas before deciding on a loan, but the lender has the final authority.
James
Generally a good lender doesn't trouble you after you are pre-approved. THe pre-approval letter confirms that you have been qualified by the lender for the loan after necessary verifications.
The lender is the final person to decide on the loan. The underwriter may be the broker or the lender himself who analyzes all the datas before deciding on a loan, but the lender has the final authority.
James
Hi Beau,
Welcome to MortgageFit Forums.
I understand your tension but don't lose your cool and discuss with your lender on the issue too as he is the final decider.
After the lender closely go through your credit report and your income the lender will qualify you for the loan.
He gives you the maximum amount of loan that can be granted and also the interest rate that can be offered on different loans.
After a pre-approval you can have confidence that there is a strong chance of getting the loan.
But it doesn't guarantee that the lender will approve the loan that comes after the home itself is approved.
If you get a loan commitment letter from the lender that does guarantee that you will be granted the loan. So, I shall advise you to get the loan commitment letter from the lender as soon as possible.
Feel free to ask if you have more doubts.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
I understand your tension but don't lose your cool and discuss with your lender on the issue too as he is the final decider.
After the lender closely go through your credit report and your income the lender will qualify you for the loan.
He gives you the maximum amount of loan that can be granted and also the interest rate that can be offered on different loans.
After a pre-approval you can have confidence that there is a strong chance of getting the loan.
But it doesn't guarantee that the lender will approve the loan that comes after the home itself is approved.
If you get a loan commitment letter from the lender that does guarantee that you will be granted the loan. So, I shall advise you to get the loan commitment letter from the lender as soon as possible.
Feel free to ask if you have more doubts.
God bless you.
For MortgageFit,
Samantha
