@bbb925 wrote:
But my document states "preapproved" not "prequalified". So that's why I'm confused. And the builder said what I gave them was what they wanted. I'm not going to complain. If there's a mistake it's working to my benefit right now being I want to pay off the debt first before applying. Maybe the good Lord is helping me outI'm not going to question anything else now that I know it's not normal.
I know you're waiting to submit an application after debt is paid and updated with the CRAs which is fine But you want your Lender to have all documents upfront for review before issueing anything that has the word approved in it.. If nothing change from the time a real preapproval was issued based on real information from your W2s, tax returns, assets, credit reports and etc, when it's time for the final approval there shouldn't be any problems. Good luck!
@bbb925 wrote:
NFCU did it. They did the preapproval based on their info. I have a substantial savings with them and do all business with them. But I wanted to pay off debt first to get the best rate they offer. She said I am approved based on what she saw with my accounts. I have a large 401k and the money I have in savings would pay for the house if need be so that might be why??
Holy moly, is that not normal protocol? They did the same thing on my last home too. They gave me my preapproval before actually applying. Then when I applied I sent all documents requested and my loan closed in 30 days as requested. Is this normally done differently?
^^^This is why you got the approval before submitting documents. You have the cash already in your accounts as savings and 401k and it is with NFCU and you are applying for a loan with NFCU.
You are in the best position to ask for a mortgage....when you don't need one the lenders fall all over you to give you one.
Well that makes me feel a lot better! Thank you!