Does a pre-approval with a good faith estimate mean you are defintely approved for a mortgage?
Lending answer: Ute’s answer is right on target. But be very cautious… do you have a true “Pre-Approval” or do you have a “Pre-Qualification” A Pre-Approval means an underwriter has reviewed your application, employment history, credit report, income documentation for the past two years, proof of assets, plus any supporting information that may be required such as Verification(s) of Employment and Verification of Rent. In fact, with a Pre-Approval, the underwriter has reviewed all documentation needed to give you a clear-to-close except for the purchase contract, appraisal, inspections, and title work for the home you buy. These are the additional condtions mentioned by Ute. Only an underwriter may issue a Pre-Approval and a commitment to lend by the bank/lender. A “Pre-Qualification” is little more that a rough guess about qualifying. It is based upon a review of your credit report and oral statements made by you about employment, income, and assets. It is not uncommon for a Pre-Qua
Related Questions
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- Does a pre-approval with a good faith estimate mean you are defintely approved for a mortgage?
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