Home Loan...

Asked by Meandmahself, Los Angeles, CA Sun Jul 31, 2011

still doing my house hunting, and am already pre-approved for 200K loan at the property value of 300K; do i need to reapply for the loan again when i send it my offer??

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
answer
, ,
Tue Aug 2, 2011
As Shane says below, as long as you keep your Loan Officer in the loop by updating the documentation in the file you'll be fine! Your only other concern is your credit report. That report is usually good for 60-90 days depending on the lender. So as long as you haven't run out and purchased another auto without telling your LO, all will be ok.

Happy House Hunting!
Web Reference:  http://www.AFN-Loans.com
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Jul 31, 2011
Pre-Approval letters have a built-in time element:
Read yours.
You will also find that they are not cast in stone:
Everything in that letter is "subject to".

You will have to reapply for a new letter, and it will be subject to the prevailing Interest Rates, etc.

Good luck and may God bless
0 votes
, ,
Sun Jul 31, 2011
Your pre-approval is good until documentation expires - so as long as you keep on furnishing updated documentation you should be able to extend your pre-approval for essentially ever. Once the property has been identified then your loan officer will re-run the figures for a pre-approval for that specific property, and after your offer is accepted then you will be sent out an application & disclosure set for that specific property, you sign/date/return it along with any additional documentation the loan officer requires, and then once the underwriter reviews all of the documentation regarding the new purchase of the specific property then your pre-approval converts to an actual loan approval.
0 votes
Michelle Mil…, , Florida
Sun Jul 31, 2011
Who ever is selling the home will want to see that you are pre approved for up to 300k before they except your offer. I would go back to the lender and see if you can get pre approved for 300k.
0 votes
Suzanne MacD…, Agent, Succasunna, NJ
Sun Jul 31, 2011
I would say that depends on how old the pre-approval is. Underwriting procedures and rules seem to be changing daily, however, if I understand correctly you have 33%, $100,000 as a down payment which will put you in a very good position to qualify for a loan. Best to consult with your realtor and attorney, but I think you will be fine.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more