I'm wondering how common it is that a borrower who is pre-approved for a loan, ends up being unable to get actual approval? Is this a common occurence, or the exception?
A good pre-approval is obtained by a mainstream lender (not broker)that will ask enough questions and obtain enough information to actually get you approved and get you a loan. They will pull your credit, verify your employment, ask for w-2’s or tax returns, look at your monthly debt and verify the amount of money you have to put into your real estate transaction. In addition they should have more than a 5 minute conversation with you to verify that the type of property you want to purchase will match the type of loan you wish to obtain. If these guidelines are followed you should have a positive ending. Rosemary Taylor – Associate Broker – Zip Realty, Inc.
A good pre-approval is obtained by a mainstream lender (not broker)that will ask enough questions and obtain enough information to actually get you approved and get you a loan. They will pull your credit, verify your employment, ask for w-2’s or tax returns, look at your monthly debt and verify the amount of money you have to put into your real estate transaction. In addition they should have more than a 5 minute conversation with you to verify that the type of property you want to purchase will match the type of loan you wish to obtain. If these guidelines are followed you should have a positive ending. Rosemary Taylor – Associate Broker – Zip Realty, Inc.
?Is this the best answer?
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