07-21-2007 12:16 PM
A pre-approval letter is good for the realtor and builder but other then that it can be used to help start a fire or wipe your butt. Just remember when you sign a contract for your new home look for the clause that show if you get turned by a lender you get your escrow money back.
Keep in mind that Lending tree sells your information to brokers and they have there own brokers that work for lending tree. Not all brokers suck but most don't want you to shop cause they want your money. For now a 680 going full doc can get an 80/20 but who knows... Things change all the time!
Just shop around and take good notes!!! Use the notes to make sure everything is the same as the broker said it was going to be!
superturnip wrote:Pre-approval letters - how valid are they? I received one from Lending Tree after faxing in the standard documentation (2 months pay stub, 2 year tax return, 2 months bank statements, invesments, etc.)I was told that we are pre-approved for well over what we are asking for. My concern is that I contacted Quicken - they pulled lower credit scores than myfico (Lending Tree's matched exactly) and the officer said that we did not qualify for the 80/20 loan that we need.We have found a few houses we like and I don't want to run into problems getting a loan locked in. My lending tree rep assures me that everything is pre-approved and we are good to go.Has anyone had issue with getting pre-approved and then running into issue locking in the loan they were approved for? Our financial, employment, and credit status will not have changed since we were pre-approved.