We went with another bank and it is night and day. We submitted all paperwork last week and the new mortgage man called me before and told me everything is looking good and we will be getting a letter in the mail this week. The computer took our loan. Does this mean we are preapproved? He told me that the underwriters now have to check our assets in the bank and confirm our jobs. Does this mean we got our mortgage? Or we are preapproved and if we are preapproved does that mean we will be getting the loan? Sorry for the questions, but it is confusing for us, we just went thru 6 weeks of sheer you know what with a broker who did not know what he was doing. PS For everyone that e mailed me in concern of this, we reported this person to the state and are going to be calling his boss this week. The man got me so sick I was having anxiety attacks and chest pains and I am a healthy person! Thank you all for your concerns and hugs!
KimberlyBride
Posted:
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Re: Confused...
You will receive a commitment letter in the mail with a good faith estimate of closing costs. That's how you know the mortgage company approved you.
7706bride
Posted:
Member since
Re: Confused...
Preaprroval has nothing really to do w/ actually getting your mortage approval. All the 'preapproval' is is telling you: according to your salary and credit history you qualify for a mortgage in a specific house price range. A lot of people get preapproved before they even start house hunting so that they have an idea of the range of price to look for...(we did it the opposite way!) When you apply for your mortgage,which it sounds like this is what you did, you will get a verbal approval in about 3-5 days. (at least it took this amount of time for us) and the verbal basically is a step closer to full approval. Then about 1-2 weeks after that you will receive a committment letter and the approval is then is writing and contingent upon the house appraising for the amount you are taking out the loan for (unless you had it appraised before this point and already know). For us, the process seemed to take arelatively short amount of time to get the mortgage, it was waiting for the survey and title and deed that took the longest. When you get your verbal approval see if your attotney will order your survey then instead of waiting for the written approval, so it will save you time. They survey take a full 14 business days to get (keep this in mind with the upcoming holidays!) Good luck w/ everything!!! Congrats!!!!
