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Mortgage Process Question

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Valued Member

Mortgage Process Question

I applied an local bank onlne. I was called the loan officer and we dicussed the items she needed (W-2, etc), then a few days later. She mailed me a Good Faith Estimate, which I signed and returned. Here's the problem, she has never said approved or not approved. I emailed her to ask the status and her answer was that it was being sent to the Loan Processor. What does this normally meant? I want to know if I am approved, but I don't want to rock the boat either. I'm afraid the answer will be No.

 

Thanks.

Starting Score:
myfico score watch 576 (6/4/14)
Message 1 of 4
3 REPLIES
Super Contributor

Re: Mortgage Process Question

it means that you arent dealing with a loan officer.

just some application taker

 

Retired Lender
Message 2 of 4
Valued Member

Re: Mortgage Process Question


DallasLoanGuy wrote:

it means that you arent dealing with a loan officer.

just some application taker

 


So Basically, It is not approved yet. I'm still just in the application phase?? Does the good faith estimate mean anything? I've applied at several banks without approval, but this is the first one that gave me the good faith estimate. I was wondering if this was a good sign.
Starting Score:
myfico score watch 576 (6/4/14)
Message 3 of 4
New Contributor

Re: Mortgage Process Question

However there is a difference between pre-approval and pre-qualification most of the time it's hard to tell.

 

I think most of the lender will pull credit and take a look at your loan application to issue a GFE.

 

It's not a guarantee but enough to move forward. At the time of the GFE they will assume you

 

didn't lie on the application.

 

You will get a pre-approved for "real" when you have your employment verified.

 

(BTW it's not always free. to get mine my lender had to use a website that charge membership fee.)

 

 

Laz 

 

Message 4 of 4