Is a "PRE APPROVAL" really an approval provided nothing changes with the FICO before close? Why do loans fall apart before close when pre?

Asked by Robb, 49316 Mon Apr 12, 2010

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T.J. Malkasi…, Agent, Grand Rapids, MI
Tue Apr 13, 2010
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Robb,

Chances are very good that if your loan fell apart and you were pre-approved by someone, it is because your loan officer didnt know what they were doing. If nothing changed with your income, assets, or credit...and the property was financable, then they missed something or messed something up. Are you telling me your deal died and you have no idea why?? That is odd and bad business on your lenders part.

I can tell you that a pre-approval is nothing more than a letter stating your lender had reviewed your file and feels that you qualify for financing. Not until the file is actually underwritten and the conditions of underwriting are cleared will you actually be issued a firm commitment to lend.

If you loan fell apart I would love to discuss the situation with you and find out what the problem is. I am well versed at solving issues like you might be experiencing. Please contact me at your earliest convenience to rectify the deal if at all possible. I can tell you that I close 100% of my pre-approved buyers.


TJ Malkasian
Mortgage Banker

Top Flite Financial, Inc.
4149 Embassy Dr.
Grand Rapids, MI 49546

P: (877) FHA-QUOTE
P: (616) 433.7066
F: (616) 829.6002
E-mail: TJ@TopFliteFinancial.com
1 vote
Jeanne Feeni…, Agent, Basking Ridge, NJ
Mon Apr 12, 2010
Hi Robb, a preapproval is not a initial review based on the basic info you provide - the firm loan commitment is issued only after the completion of a complete review of your credit and also of the property value/ie, the appraisal.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
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