But credit unions are another animal. They often have a better rate than average for their members, but they don't have a lot of staff to handle lots of applications... so a couple of weeks, or more might not be that our of line.
If you didnâ€™t have the LO review all of your support documents then all they are doing is guessing. I estimate that 30% of all the â€œbuyersâ€ in my market with pre-approval letters do not qualify for the loan they applied for. The National Association of Realtors published a report last year about the fall out ratio, it mirrored my position. Yes, I realize this isnâ€™t the only reason the fall out is so high, but it is a contributing factor.
Your monetary risk in relying on an undocumented pre-approval letter is sizable. If you sell a home thinking you are approved or give your landlord notice and later find out you arenâ€™t, WHAM. Or if you pay for an appraisal, inspections, good faith deposit, same thing.
What you are trying to do is so big and so important it should not be done haphazardlyïƒŸ (Nice word inserted). Do it right, gather your docs, take off work for a couple of hours and apply in person. My application software populates an approval letter at time of application, theirs probably does also, if not they can type it up while you wait. I hope my comments keep you from losing thousands of dollars and protect you from lots of heartache. Good luck,
NMLS # 6395
Financing Kentucky one home at a time.
1. You should have a pre approval in your email box within an hour after you hang up from you 20 minute phone call with the lender you have chosen for your pre approval. It literally takes 20 minutes and one phone call to do a pre approval.
2. Where is your real estate representative and why aren't they answering these questions for you and assisting you in every way possible?
3. You need to be assigned a pre approved LOAN APPLICATION NUMBER ASAP because on Monday the 9th of April the PMI = Private Mortgage Insurance / Rates change and you will pay almost twice as much if it is required on your loan.
4. Morgage Loan Interest Rates increased yesterday and you need to be "Locked in" RIGHT NOW.
5. You can get a pre approval from any lender. Why are you giving your business to an organization that cannot produce results??
If you need a mortgage broker recommendation email me at email@example.com and I will provide you with three options. I guarantee if you do the work with one of them on the phone and you are credit worthy enough to secure a loan, you will have a pre approval today.
Ana Barlow Coldwell Banker Preferred
What happened to taking care of the customer??
If they aren't giving you the prompt service now when you are trying to give them your business?? How will they treat you when they do have it?
You may want to look elsewhere for financing, just my 2cents.