Is a mortgage pre-approval letter for real?
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So here's how I got pre-approved for a mortgage. I went through the initial application process over the phone. All they asked for was my income, debts, and cash on hand, and credit reports. That day I was faxed a letter that said both "you are pre-approved" and "this is not an approval". When I asked when I would actually be *approved* they say I have to make an offer first. Well, I just plunked down a bunch of money on an earnest money deposit, which changes the amount of cash on hand I originally told them about. My income/debt ratios were pretty close but my credit score is very high. I've sent the official application with the address in to the bank, but they still haven't requested my documentation. Whenever I call the loan officer he says it's "in processing" and "someone will call you". My move is less than a month away! Should I be worried?
Is a mortgage pre-approval letter for real?The "My community loan" program is great, no need to be worried, as long as your with a reliable company. A pre-approval means you are approved as long as the info you provide checks out. Once you make an offer the company will verify all the info you provided. Assuming your income and assets are legit don't worry. If you are un-comfortable with your current LO go with another.
Keep in mind they work for you! FYI if your threat to leave he or she will be more than willing to do whatever to make you happy.
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