I hate to be the cause of any marital discord, but your husband is right on this one. You can certainly be denied for a mortgage loan after being pre-approved for it. The main difference between pre-qualification and pre-approval has to do with the level of scrutiny — not the level of certainty.
With preapproval, you’ve basically arranged for your mortgage financing. While you don’t have to worry as much about the deal falling through at the end because of not qualifying for a home loan, preapproval in no way guarantees that the lender will give you the loan, according to The Mortgage Professor.
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While it may seem obvious that you need to keep paying your bills during the period between a mortgage pre approval and your settlement date, some would-be borrowers neglect their finances in the excitement of shopping for a home.. Getting preapproved for a mortgage is no easy task, so the last thing you want to do is lose sight of your finances after you have been preapproved.
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Getting pre-approved for a mortgage gives you peace of mind, but it also locks the interest rate in for a designated length of time. This means that even if interest rates rise, you will be guaranteed the rate on your pre-approval. Getting all the paperwork out of the way leaves you free to look at homes and know that you can buy with confidence.
7 mistakes to avoid after mortgage pre-approval. The wrong actions after your pre-approval process can cause the lender to re-think the amount of risk that you present and lead them to back out.
If you want to increase your pre-approval amount, you need to get rid of some of your debt, or increase your income. You stated you have $7000 for a down payment on this house. That’s not enough, even for something that only comes in at 75k. After you pay closing costs, I’d be surprised if you had enough for 5% down.
The obama administration introduced the plan in April 2009 in a bid to prevent defaults among borrowers who were current on their payments but had little or no equity after the average. them stuck.
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