Someone please help? any mortgage brokers here?
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this is my situation...i talked to a mortgage broker a while back about getting a loan. he ran me and my husbands credit and he told me we would qualify. after checking around alittle more i decided to go with his mortgage and finamce company.he has sent me a pre-qualification letter saying we conditionally qualify for a loan up to 250,000. so we put in an offer on a house and it was acccepted. i got a commitment statement from him quoting my interest rate and he also said he needs copy of purchase agreement and w2's and pay stubs. he wrote that once he receives this is will be sent to the lender for final approval.i don't understand this. why does the lender have to make final approval. we have had some credit issues in the past, but he already pre-qualified us for the loan. now we are buying this house..what if something goes wrong and the loan doesn't go through? can this happen if they already ran our credit and pre-qualified us.i'm terrified he will say we can't get the money
Someone please help? any mortgage brokers here?Sometimes when a lender says one thing, it sounds scary to someone in your position.
When he said he has to send the info to the lender for final approval, he maybe should have phrased it better. It is the brokers job to look over the info and know if it fits the guidelines. Then the file is sent to an underwriter to verify the facts and the file that the broker submits. They put their final stamp of approval on it and all is good.
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