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pre approval for mortgage?

Anonymous
Posted by Anonymous
  • 19 Replies
Who has done this?

Basically, Im a little confused on how it works.
Do you need your down payment upon the preapproval? Or is this a conditional step?
Posted by Anonymous on Jun. 29, 2014 at 12:24 PM
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Replies (1-10):
bluebunnybabe
by kid crack dealer on Jun. 29, 2014 at 12:25 PM
2 moms liked this
Pre-approval is just them doing a credit check & figuring out what you qualify for on your income. You don't need your down payment or anything & it doesn't guarantee that you will be approved.
Cocomicah
by time lord on Jun. 29, 2014 at 12:26 PM
1 mom liked this
I did a pre qualification online and the bank emailed me to say how much I could borrow.. I got the actual approval when we were going through the loan process on the house we selected.
Anonymous
by Anonymous 1 - Original Poster on Jun. 29, 2014 at 12:28 PM
1 mom liked this
Okay this is what I figured.

Quoting bluebunnybabe: Pre-approval is just them doing a credit check & figuring out what you qualify for on your income. You don't need your down payment or anything & it doesn't guarantee that you will be approved.
bluebunnybabe
by kid crack dealer on Jun. 29, 2014 at 12:28 PM
Also, if you do get pre-approved OP, don't take out any new loans until after you are approved & close on your house. Many lenders do a last credit check on or very close to the day of closing to make sure you still qualify.
Texasladybug84
by on Jun. 29, 2014 at 12:29 PM
No it takes like an hour and just even over the phone to get pre approved. Then you use that paper to give to the real estate agent and they will then start showing you houses.

I highly I mean highly suggest you call around and see who in your area is doing a first time home buyers class. This will even give you discounts when buying a house with this certificate and it will give you more knowledge than I could give you.. It's a lot.
RitaTequila531
by *JuStRITa* on Jun. 29, 2014 at 12:29 PM
1 mom liked this

 You beat me to saying this exactly :0)

 

Quoting bluebunnybabe: Pre-approval is just them doing a credit check & figuring out what you qualify for on your income. You don't need your down payment or anything & it doesn't guarantee that you will be approved.

 

alexsmomma06
by Ruby Member on Jun. 29, 2014 at 12:30 PM
We did. It helps you to know how much the bank will lend you so you aren't looking at houses ou of your loan range.
bluebunnybabe
by kid crack dealer on Jun. 29, 2014 at 12:31 PM
Lol I'm on top of things today. Quite unusual for me!

Quoting RitaTequila531:

 You beat me to saying this exactly :0)


 


Quoting bluebunnybabe: Pre-approval is just them doing a credit check & figuring out what you qualify for on your income. You don't need your down payment or anything & it doesn't guarantee that you will be approved.

 

RitaTequila531
by *JuStRITa* on Jun. 29, 2014 at 12:31 PM
1 mom liked this

 

Quoting bluebunnybabe: Lol I'm on top of things today. Quite unusual for me!
Quoting RitaTequila531:

 You beat me to saying this exactly :0)

 

Quoting bluebunnybabe: Pre-approval is just them doing a credit check & figuring out what you qualify for on your income. You don't need your down payment or anything & it doesn't guarantee that you will be approved.

 

 Haha! :0)

 

Anonymous
by Anonymous 1 - Original Poster on Jun. 29, 2014 at 1:39 PM
Yeah this is why I suggested it to so.
Didnt want to look at a place, fall in love and fer slapped with finding out its out of our range

Quoting alexsmomma06: We did. It helps you to know how much the bank will lend you so you aren't looking at houses ou of your loan range.
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