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After Pre-Approval letter in hand?

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eva322
Established Member

After Pre-Approval letter in hand?

Since we have our pre-approval letter in hand, does this mean we will get final approved by the underwriters more than likely?  We have been working with a mortgage broker whom has been working with us to get our credit scores where they need to be.  We had to overcome 2 different rescore plans to get them where they needed in order for us to get our pre-approval letter and we did!  Our middle scores are now a 651 and 690.  My husband has the 651 and we're doing a VA loan...we have come so far already though and we still worry the underwriters will still deny us for some odd reason...our mortgage broker seems to think we will breeze thru and maybe even without a conditional approval but a full approval...is it likely that once you get your pre-approval letter that you are good to go?  No worries of getting denied?  We are just so worried we are going to lose this house for good....

Message 1 of 5
4 REPLIES 4
mg85
Member

Re: After Pre-Approval letter in hand?

The bad thing about pre-approvals is that they aren't done by the underwriters (at least in my experiences). An underwriter gives final determination and can ultimately deny a loan for any reason they see fit. Not trying to scare you away from moving forward, but just be aware that the whole process can be derailed at any time if the UW finds anything they aren't comfortable with. Just be honest and forthcoming with anything they ask, provide all documentation they request, and everything should go smoothly. Pre-approvals are based upon limited information that you provide to the loan officer. It's not over until you have keys in hand and the loan has been funded. Good luck! Smiley Happy

Message 2 of 5
eva322
Established Member

Re: After Pre-Approval letter in hand?

Thank you!  We are just so nervous....we feel like if the broker who has worked with us, saw no other reason not to give us the pre-approval then why would the underwriters, so we shall see....time will tell...I think it will go into underwriting today or tomorrow...it's been such a nail biter, this whole process!!!

Message 3 of 5
mg85
Member

Re: After Pre-Approval letter in hand?

The loan officers typically know what to look for that would possibly derail a loan app, but again, they aren't the underwriters so they can't assure you that everything will go through. I know how you feel, we're going through it right now as well. It's very stressful and time seems like it drags while waiting for updates. The best advice I can give you (which was given to me on here) is to just sit back and let the loan officer and underwriters do their jobs. Like you, they have a vested interest in you closing so if anything comes up, they will contact you right away. Keep your eyes on the bigger picture Smiley Happy

Message 4 of 5
eva322
Established Member

Re: After Pre-Approval letter in hand?

Good advice!  I just wished I could let go and let them without pulling my hair out, haha!  Thank you though, I love this site...it's so good to know how many others are floating along in the same boat with you!  Smiley Happy

Message 5 of 5
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