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pending preapproval

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Anonymous
Not applicable

pending preapproval

OK this is my first time on board....we have been trying to get preapproved for 1 month, the lender has been coming back with a differenet question from UW every week.  Well, after all this I think we addressed it all.  He just told me yesterday everything looks fine and we could start house shopping.  He said just have the seller/builder call him for the approval letter.  I'm confused isn't he supposed to give something in writing to say preapproved?  I'm feeling a little unsure???
Message 1 of 3
2 REPLIES 2
DallasLoanGuy
Super Contributor

Re: pending preapproval

they can give a preapproval letter to you.

they are likely holding out so they can make sure they get to talk to the builder/realtor.

 

Retired Lender
Message 2 of 3
Anonymous
Not applicable

Re: pending preapproval

If it has taken him a month to get you Pre-Approved, you should be very cautious and ask him to give you a copy of the Pre-Approval Letter before you start shopping. Unless there is something unusual about your profile, a Pre-Approval can normally be generated in a few hours. With it taking him so long, i am curious if there is an issue he is not telling you about or if they are just that inefficient. If it takes him that long to issue the Pre-Approval, how long will it take him to get the file through Processing, Underwriting and Closing after you have found a house. You should ask some more questions.
Message 3 of 3
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