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Pre approval

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Frequent Contributor

Pre approval

I applied with a lender (guarantee rate) 9 days ago. I was approved through DU instantly was allowed to choose my rate and term. But I haven't received a pre-approval letter yet. I was asked that same day to submitted documents W-2, bank statements, paystubs,etc which I sent all a couple days later. Does getting a pre approval letter takes this long . My loan processor is out on travel. So that's why I came here to ask thanks

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


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12 REPLIES 12
Established Contributor

Re: Pre approval

I got 3 pre approval letters when I first started this process two took 1 business day the last one that had the best options that I decided to go with took 3 days




Message 2 of 13
Frequent Contributor

Re: Pre approval

Well I just got an update from the loan officer and he said he should have an answer for me by the end of today. 😩

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 3 of 13
Established Contributor

Re: Pre approval

Keep us posted it probably was a hold off since that person was away and nothing to do with you Smiley Happy
















Message 4 of 13
Valued Contributor

Re: Pre approval


@kaylord84 wrote:
Well I just got an update from the loan officer and he said he should have an answer for me by the end of today. 😩

Sounds like your file was submitted to underwriting for an actual approval.

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 5 of 13
Frequent Contributor

Re: Pre approval

Without a property?

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 6 of 13
Valued Contributor

Re: Pre approval


@kaylord84 wrote:
Without a property?

yep, it's called a TBD (to be determined) underwrite or a credit, income & assets underwrite.

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 7 of 13
Established Contributor

Re: Pre approval

I did mine without a property first Smiley Very Happy   
















Message 8 of 13
Frequent Contributor

Re: Pre approval

Ok well I hope so . But basically my file has just been sitting for 9 days because the loan officer was on vacation . So hopefully I will hear something today

Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 672 TU 649 Ex 644
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 9 of 13
Established Contributor

Re: Pre approval

every preapproval i got was a TBD ie property to be determined





Message 10 of 13
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