topic Re: Just received my preapproval - what can go wrong? in Mortgage Loans

Just received my preapproval - what can go wrong?

Its_Me — Tue, 02 Jun 2015 21:02:53 GMT

Last Friday I submitted a bunch of disclosures I had sign to my LO. She already had my paystubs and W-2 forms. My initial application (FHA) came back as refer which was expected. She said she would get it to the underwriter and I should have an approval letter sometime this week. She contacts me today - the underwriter want a LOE regarding chapter 13 and foreclosure. I get that typed, signed, and sent within 15 minutes. Two hours later, I have my approval from the underwriter. Of course with conditions. Nothing I need to do really. Home needs to pass appraisal and my financial stuff can't change.

So as long as everything I provided checks out, what could go wrong to ultimately have the loan denied once I submit a contract?

Re: Just received my preapproval - what can go wrong?

ezdriver — Tue, 02 Jun 2015 21:10:32 GMT

Do not drive yourself crazy by trying to figure out what can go wrong. Be prepared and committed to addresing whatever arises. Meanwhile, think positive and celebrat the preapproval milestone. Remeber that many do not get a chance to achieve that. Congrats and all the best.

Re: Just received my preapproval - what can go wrong?

Anonymous — Tue, 02 Jun 2015 21:44:34 GMT

@Its_Me wrote:
Last Friday I submitted a bunch of disclosures I had sign to my LO. She already had my paystubs and W-2 forms. My initial application (FHA) came back as refer which was expected. She said she would get it to the underwriter and I should have an approval letter sometime this week. She contacts me today - the underwriter want a LOE regarding chapter 13 and foreclosure. I get that typed, signed, and sent within 15 minutes. Two hours later, I have my approval from the underwriter. Of course with conditions. Nothing I need to do really. Home needs to pass appraisal and my financial stuff can't change.

So as long as everything I provided checks out, what could go wrong to ultimately have the loan denied once I submit a contract?

Congrats! Don't worry, you'll be fine. You know the drill - no apps for new credit, no running up the balance on credit cards, no job quitting, don't open any credit disputes, etc etc etc. You got this.

PS - Whatever you do, don't tell Rev about your pre-approval letter. It might just give him a stroke today.

Marlena

Re: Just received my preapproval - what can go wrong?

Its_Me — Tue, 02 Jun 2015 22:00:24 GMT

Will do Marlena!

Re: Just received my preapproval - what can go wrong?

Anonymous — Wed, 03 Jun 2015 03:29:21 GMT

Congrats!!! We got our pre-approval letter last week. That is turning out to be the easy part. Seven houses looked at and 5 if the 7 had contracts by Monday. This market is brutal for buyers right now and you either have to be quick or willing to have an offer/contract war. Good luck and happy hunting!!

Re: Just received my preapproval - what can go wrong?

Revelate — Wed, 03 Jun 2015 03:53:19 GMT

@Anonymous wrote:
@Its_Me wrote:
Last Friday I submitted a bunch of disclosures I had sign to my LO. She already had my paystubs and W-2 forms. My initial application (FHA) came back as refer which was expected. She said she would get it to the underwriter and I should have an approval letter sometime this week. She contacts me today - the underwriter want a LOE regarding chapter 13 and foreclosure. I get that typed, signed, and sent within 15 minutes. Two hours later, I have my approval from the underwriter. Of course with conditions. Nothing I need to do really. Home needs to pass appraisal and my financial stuff can't change.

So as long as everything I provided checks out, what could go wrong to ultimately have the loan denied once I submit a contract?
Congrats! Don't worry, you'll be fine. You know the drill - no apps for new credit, no running up the balance on credit cards, no job quitting, don't open any credit disputes, etc etc etc. You got this.

PS - Whatever you do, don't tell Rev about your pre-approval letter. It might just give him a stroke today.

Marlena

*Laugh* I truly do like you Marlena . The really, REALLY funny thing is that the selling realtor didn't throw it out and passed it onto the client... and is meeting them tomorrow: where there's life there's hope. I've gotten into my scotch so I'm not so worried about it at the moment and can just chuckle about how badly some lenders handicap their LO's during this process... and people wonder why anyone good leaves them, why put up with it if your employer is sandbagging you? I'm so early in the process compared to everyone I can still be relaxed post-throwing-fit-just-yesterday heh.

@Its_Me: given how much trouble I've had finding a real pre-approval letter, just smile and keep trucking through. It sounds like you're on top of things and as ezdriver suggests, just take it one step at a time and if anything comes up address it. Seriously, congrats!

Re: Just received my preapproval - what can go wrong?

Its_Me — Wed, 03 Jun 2015 07:58:24 GMT

Thanks everyone! Great advice all around. Kudos to those in the profession that are willing to share their knowledge.Typically my area (east central ohio - suburbs) is not a seller's market. But it seems like the homes that interest me that I see online are going pretty quickly, as long as there isn't anything major wrong with them. Saw a few that were nice on the outside and then had mold all over the walls on the inside. I'm really not up for that.

I can now truly appreciate everyone's challenges that are going through the approval, search, and closing process!

Re: Just received my preapproval - what can go wrong?

Anonymous — Wed, 03 Jun 2015 08:47:40 GMT

@Anonymous wrote:
Congrats!!! We got our pre-approval letter last week. That is turning out to be the easy part. Seven houses looked at and 5 if the 7 had contracts by Monday. This market is brutal for buyers right now and you either have to be quick or willing to have an offer/contract war. Good luck and happy hunting!!

Me, too. I thought I was on easy street once I had a pre-approval in hand. I thought all I had to do was breeze through and evaluate the houses I'd already picked out from the MLS, pick the one I liked the best, then go out and choose flooring and paint colors. Like it was the same as going to the car dealership, strolling through the rows, test driving a few, then driving home in the one I liked. Not so much. The words "under contract" now give me PTSD.

Re: Just received my preapproval - what can go wrong?

Anonymous — Wed, 03 Jun 2015 09:02:46 GMT

@Revelate wrote:
@Anonymous wrote:
@Its_Me wrote:
Last Friday I submitted a bunch of disclosures I had sign to my LO. She already had my paystubs and W-2 forms. My initial application (FHA) came back as refer which was expected. She said she would get it to the underwriter and I should have an approval letter sometime this week. She contacts me today - the underwriter want a LOE regarding chapter 13 and foreclosure. I get that typed, signed, and sent within 15 minutes. Two hours later, I have my approval from the underwriter. Of course with conditions. Nothing I need to do really. Home needs to pass appraisal and my financial stuff can't change.

So as long as everything I provided checks out, what could go wrong to ultimately have the loan denied once I submit a contract?
Congrats! Don't worry, you'll be fine. You know the drill - no apps for new credit, no running up the balance on credit cards, no job quitting, don't open any credit disputes, etc etc etc. You got this.

PS - Whatever you do, don't tell Rev about your pre-approval letter. It might just give him a stroke today.

Marlena
*Laugh* I truly do like you Marlena . The really, REALLY funny thing is that the selling realtor didn't throw it out and passed it onto the client... and is meeting them tomorrow: where there's life there's hope. I've gotten into my scotch so I'm not so worried about it at the moment and can just chuckle about how badly some lenders handicap their LO's during this process... and people wonder why anyone good leaves them, why put up with it if your employer is sandbagging you? I'm so early in the process compared to everyone I can still be relaxed post-throwing-fit-just-yesterday heh.

@Its_Me: given how much trouble I've had finding a real pre-approval letter, just smile and keep trucking through. It sounds like you're on top of things and as ezdriver suggests, just take it one step at a time and if anything comes up address it. Seriously, congrats!

I bow to you, Rev. I closed over a month ago and I'm still not "relaxed" about it all. I still go into fit-throwing mode when I talk about the way some of my deals played out. Grinds my gears still.

I'd do it all over again, though. It was worth it in the end. I'm sure at least Miss Clairol is happy about all the new gray hair I have, in any event.

Re: Just received my preapproval - what can go wrong?

frugalQ — Wed, 03 Jun 2015 19:40:36 GMT

I'm like you Marlena,

My blood pressure rises every time I think of my final 3 weeks of mortgage hell!!!

Re: Just received my preapproval - what can go wrong?

wendlan — Wed, 03 Jun 2015 19:52:35 GMT

I had to chuckle to myself, what could go wrong? Many many many things!!!! Still in the process,smooth sailing to appraisal them wrong wrong wrong. ...Supposed to close June 15th..who even knows anymore

Re: Just received my preapproval - what can go wrong?

Its_Me — Wed, 03 Jun 2015 21:31:07 GMT

@Anonymous wrote:
The words "under contract" now give me PTSD.

Glad to hear its not just me. I'll start scrolling through the details, see a few pics, great location, good price, then wham - "contingent upon financing an inspection"

Re: Just received my preapproval - what can go wrong?

Its_Me — Wed, 03 Jun 2015 21:34:19 GMT

@wendlan wrote:
I had to chuckle to myself, what could go wrong? Many many many things!!!! Still in the process,smooth sailing to appraisal them wrong wrong wrong. ...Supposed to close June 15th..who even knows anymore

Mind sharing?