We got preapproved for a mortage through a lender, but my question is what exactly is the difference does that mean we may not actually get approved for one? Dont they do a credit check with the preapproval or do they check other things for the final approval?Answer Question
Answer by Scuba at 8:36 AM on Jan. 20, 2011
Answer by Braydens_Mama06 at 8:52 AM on Jan. 20, 2011
Answer by gumby11883 at 9:23 AM on Jan. 20, 2011
In addition to everything the above posters said, when you get final approval they will also do an evaluation of the house. If you agreed to buy the house for $300k but the bank thinks it is only worth $250k they won't give you the loan on that house because it would be a poor risk for them. Remember that they are practically buying this house with you, and if they think it is a bad idea they won't do it.
Answer by LoveMyDog at 9:44 AM on Jan. 20, 2011
Answer by Candi1024 at 10:49 AM on Jan. 20, 2011
Answer by Anonymous at 11:11 AM on Jan. 20, 2011
Read the following:
Being pre-qualified does not mean you have been pre-approved or approved for a mortgage. In fact, you're not guaranteed anything. Indeed, getting pre-qualified is a good sign -- it suggests that your financial ducks are in a row -- but your lender will want to check out your credit history, your income, your forecasted earnings, your assets, your liabilities, and your target properties.
Answer by musicmom08 at 1:17 PM on Jan. 20, 2011
Answer by grismelda at 3:25 PM on Jan. 20, 2011
Answer by grismelda at 3:27 PM on Jan. 20, 2011
Answer by Erica_Smerica at 4:11 PM on Jan. 20, 2011
Next question overall
do you think there is a diffrence between being skinny and being healthy?