No pre approval amount with my pre approval?

[Anonymous]

I got with my lender yesterday and went through the process. She got my tax returns, paystubs etc. She asked me where I wanted my monthly payments to be. I told her around 750.00 max and that would put me at a 100,000 loan roughly. 695 middle mortage score. She ran my credit and said I'm good to go.  Got a pre approval letter but she never told me what I would be pre approved for overall. I asked her today that I wanted to know just out of curiousity and she said she would look into that. I figured that information was just part of the proccess. Am I missing something here?

[Anonymous]

When I was searching for a home, i got prequalified and then when I found a house,

I would give address and price to my lender.

They would say yay or nay.

Same for the next house.

I was perfectly find with that. I was only gonna buy the house that I desired, not based on what I could afford.

In my case if I knew the max limit, I probably would have got very close to that, looking back.

Content with that process, as I got exactly what I wanted and under my budget.

I supposed each lender is different.

[Anonymous]

Thanks for the reply.

I wouldn't go over what I know I can afford but I just thought the "here is what you are approved for" was part of the proccess. Yes I'm being a bit paranoid here and wanna make sure everything is correct and there's no sneaky stuff going on. Biggest purchase of my life coming soon and I'm a bit edgy about it. Lol

[CreditInspired]

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@Anonymous wrote:

I got with my lender yesterday and went through the process. She got my tax returns, paystubs etc. She asked me where I wanted my monthly payments to be. I told her around 750.00 max and that would put me at a 100,000 loan roughly. 695 middle mortage score. She ran my credit and said I'm good to go.  Got a pre approval letter but she never told me what I would be pre approved for overall. I asked her today that I wanted to know just out of curiousity and she said she would look into that. I figured that information was just part of the proccess. Am I missing something here?

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You’re correct. The $ amount should be in your pre-approval letter. A Realtor is not going to waste time showing you properties when she/he doesnt know what you’re preapproved for. Also, once you find the house that you want to make an offer on, the pre-approval letter also shows the seller that you’ve already started the lending process and that you’ve been preapproved to go forward with the purchase.

I’m sure when she said she’d look into it, that you’ll get your letter either Monday or Tuesday. If not, call her again and let her know that you’re ready to start looking and need the letter. 

[itgirl74]

In my case, my lender asked me what amount I wanted to be approved for, and I answered him based on the house that I was hoping to buy. When that house fell through, I asked about the max that I could get, and he told me but didn't put it in writing. I made offers on 2 more houses, and each time my realtor requested a new preapproval letter customized for the offer.

[Anonymous]

That does seem odd except that you had an amount in mind. I am working with a builder and chose a home for 600k. Well, that’s what *I* wanted to pay... I refused to go above it but at one point the builder tried to push me up a bit so my realtor checked in and I could’ve qualified for that price. But I opted to stay firm at 600k. So anyway my letter just approved me for the price I wanted, not my max.