Mortgage Loans

[pilarstacy]

I went through the pre-approval process with a referred lender yesterday, and he came back an hour later and said I had been pre-approved.  However, he only took my information over the phone.  He asked me all the pertinent questions and took down all the info that I gave, but he didn't ask me to provide anything.   I went back to him and asked if I had been pre-qualified, or if it was a true pre-approval and he stated that he put it through the Fannie-Mae system and that it was a true pre-approval and he would provide the pre-approval letter for my agent.  Does this sound accurate?  I had all my documents ready to submit, but he said that he didn't need them until I'm ready to make an offer on a house.  I'm confused. He is highly recommended, but I just thought there would be more to it.

[wally101]

Sounds right to me. I did a pre approval through (WF) and filled out just basic info and got the pre aproval the next day. I didn't have to show pay stubs or W2s. Not until we go after the loan. It sound like it was an automated system and with your credit scores, that are similar to mine, you don't need to go though a manual underwriting for pre appoval. Start shopping for a home... Congrats

[webhopper]

Congrats! That means your credit file was analyzed by fannie mae and the recommendation came back as approve _ eligible... That's a good place to be in and will make your file go more smo othly! Mine never did get automated approval. It was manually underwritten by the mortgage insurer.

[pilarstacy]

Great to know.  Thanks to everyone.

[beb86]

your loan is not approved until you have closed and have the keys in your hands haha

[Familywantsahouse]

We were "pre-approved" yesterday, We were told we had to submit all the documents when we had a house picked out and then everything would go to him. We plan on submitting the documents early to have all he ducks in a row and hopefully making an offer on a house in about a month.

[rangergirl]

I read on these boards that every file goes to manual underwriting so sounds like you are over the first small hurdle with the larger hurdles to come.