dakota4600
Familiar Member
Joined: Dec 20, 2010 10:22:48 GMT -5
Posts: 831
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Post by dakota4600 on Aug 1, 2012 14:13:37 GMT -5
I was really expecting a much tougher pre-approval process. We listed our house and I called my current lender to see what they needed to pre-approve us. In 10 mins on the phone and a quick credit check I have a pre-approval for a non-contingent loan for the amount I wanted at a great rate.
That really blew me away. I was expecting to have to send in copies of paystubs and taxes. I realize that at some point we'll have to provide all that, but since I hadn't bought in 10 years expected the process to be more cumbersome after the mortgage crisis.
I do think it is ridiculous that they think I can make the mortgage payments on my current house and on a new house. I really was expecting a contingent approval, but this will make our Realtor extremely happy that we are non-contingent buyers. DH & I have already agreed that we won't be buying until we have an offer and everything is set on our house. (then we'll just cross our fingers that the buyers financing goes through.)
Has anyone else bought recently and had a similiar experience.
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constanz22
Senior Member
Joined: Dec 18, 2010 14:32:17 GMT -5
Posts: 4,219
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Post by constanz22 on Aug 1, 2012 14:26:13 GMT -5
It sounds like what you got was "pre-qualified", way different that "pre-approved". Any lender can prequalify you over the phone or online with just basic income/debt info. It isn't until you provide all of the documentation, paystubs, credit report, tax returns, etc that the actual "approval" process starts. The pre qualification is just a "best guess" pending review of all of the documentation.
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