Posted on: 29th Aug, 2012 01:17 am
Have been approved for a loan. But recently found out that I have missed two payments on one my accounts. Will this affect my credit and my approved loan in any way?
If the creditor updates the negative information in your credit report, then there are chances, that it may affect your loan in a negative way.
After careful verification of your case, mortgage loan is pre-approved. If you have got the wriitten document supporting your pre-approval, I think chances are less that your approval will be cancelled.
Lenders rerun credit before closing, if lates show up on your credit report, most likely you will need write a letter of explanation and underwriting will need to approve it. This can delay a closing FYI.