Pre- approval question?

Dani00518 Posted: Jul 24, 2004 10:24 PM

Pre- approval question?

Did you have to call and make an appt. to meet with someone or could you call and do it over the phone? Also, is it true that when you get your pre-approval its for a lot less than when you actually get your mortgage. (For example a friend of mine got pre approved for 425 but when she actually applied for her mortgage she was approved for much more).
Also, are you just supposed to get pre-approved by one place? Is that the place you plan to get your mortgae from when the time comes or does it not matter?

swags1016 Posted: Jul 25, 2004 09:30 AM

Re: Pre- approval question?

We were preapproved for more than we spent. We had them write the letter that we could show agents or seller for less than we spent, so in the end we wound up in the middle. A good mortage broker or bank will sit with you (either in person or on the phone) and discuss to you what you can and can't afford, how high can you go with all your bills before it becomes a struggle and even though some of these numbers are scary, that they can be affordable. Let me know if you need a recommendation. We loved our mortage broker and everything was done over the phone!