Home Buying in Greensboro>Question Details

J, Home Buyer in Greensboro, NC

I'm sorry what I meant to say was pre approved...for a loan..how long to bounce it off the underwriters or?

Asked by J, Greensboro, NC Wed Dec 31, 2008

does the clock start ticking once the underwriters give the green light??

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Len pretty well nailed the answer. A pre approval is ok for submitting with an offer on a home but, they will go back to the underwriters for final approval and committment when you go under contract anyway. Like Len we all have lenders we deal with on a regular basis. I have four different lenders I refer clients to depending on their situation.

Hope this helps,
0 votes Thank Flag Link Wed Dec 31, 2008
Being pre-approved can mean many things, depending on who you speak with. For example, although I do not work for a lender, I can "Pre-Approve" you for a home. Typically, pre-approval does not have a time frame. It simply means that a cursory look has been made to see if on the surface you could qualify for a mortgage. It also DOES NOT mean that you positively can qualify. MOST pre-approvals are based on unverified income, credit, debt ratios, etc... Please verify with your lender where you stand. If you have not yet submitted a formal application and do not have a mortgage professional in mind that you would like to use, I would be happy to direct you to a few reputable people with years of experience who would be happy to help you. If you choose to find someone on your own, be careful who you choose. Like a real estate agent, the wrong mortgage person can be an anchor around your neck when trying to buy a home!
0 votes Thank Flag Link Wed Dec 31, 2008
I believe I answered this earlier 60 days approx. then after loan officer qualify you again.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Dec 31, 2008
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