Posted on: 25th May, 2012 01:25 am
My wife and I applied for loans and gave the lender all the required information. The lender pulled out credit reports. We wanted to go for FHA loans as we thought we won’t qualify for conventional loans. The lender informed that our credit scores are in the range of 675 to 685. They also sent us a preapproval letter through email mentioning that I would get a 200k loan on an fha 30 year fixed. The letter also consists of an expiration date of when the preapproval expires. However, they never mentioned the mortgage rate and a.p.r., But I assume that the good faith estimate will nail down the rate plus a lock period to hold it. How strong do you think this document is?
Hi Fame,
In the pre-approval process, the lender will take a look at your credit and also verifies your income. In pre-qualification process, your information is not verified by the lender. The lender will give you a pre-approval letter once your income is verified. The letter will say that the loan will be approved once you make a purchase offer on a home, and once you submit the purchase contract, the preliminary title information, the appraisal, and your income and asset documentation. So, if you've received the pre-approval letter, you can very much get a loan.
Take care
In the pre-approval process, the lender will take a look at your credit and also verifies your income. In pre-qualification process, your information is not verified by the lender. The lender will give you a pre-approval letter once your income is verified. The letter will say that the loan will be approved once you make a purchase offer on a home, and once you submit the purchase contract, the preliminary title information, the appraisal, and your income and asset documentation. So, if you've received the pre-approval letter, you can very much get a loan.
Take care
Welcome Fame,
Getting a pre-approval letter makes it very apparent that you will get a mortgage in order to buy your dream home. Unless there are any major changes in your credit or financial situation, you will get the loan.
Getting a pre-approval letter makes it very apparent that you will get a mortgage in order to buy your dream home. Unless there are any major changes in your credit or financial situation, you will get the loan.
>>How strong do you think this document is?
It's as strong as you can get.
The Truth in Lending disclosure will contain your interest rate and APR, and the Good Faith Estimate will contain your fees.
It's as strong as you can get.
The Truth in Lending disclosure will contain your interest rate and APR, and the Good Faith Estimate will contain your fees.
The document is as strong as your loan officer.
If you think you have a really good loan officer, you should be confident.
If you think you have a really good loan officer, you should be confident.
