Consumption and Real Estate
Prequalified for a home loan? Does that mean I have it?
Question : Prequalified for a home loan? Does that mean I have it?
I was prequalified for a home loan in which she asked for permission to check my credit report, and I gave it to her. She gave me my husband and I’s credit scores, and the terms under which our loan would be. Does this mean we have the loan for sure, or can they still turn us down?
prequalify for a home loan
Best answer:
Answer by nymamiyankee
pre-qualified is the first step..you will need to be pre-qualified before you are closer to getting the loan..check out the website below for more info
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#2 written by Paul in San Diego 1 year ago
Prequalifying is basically ensuring that you meet the minimum qualifications for securing a loan. Right now, they know that you make enough money, have low enough existing debt, and have good enough credit scores to obtain that loan. The next step is to find a property to buy and apply for the actual loan.
When you put an offer in on a property and it’s accepted, that’s when you find out whether you’re going to get the loan or not. This has to do with a number of factors, including your verification of income, tax statements, bank statements, etc. It also has to do with the condition of the property itself (the bank isn’t going to lend you a lot of money for a piece of junk).
Once funding has been approved, now you get to sit down with the lender representative and sign your life away. The loan package is an inch or two thick, and nearly every page must be initialed, signed, or both. Some have to be notarized. This process takes about an hour. They then turn in the signed paperwork and within a day or two, the loan funds. These funds – along with your down payment – get sent to the escrow account, all monies are dispersed to everyone who gets them, and the house is yours.
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#3 written by Donald D 1 year ago
Pre qualifications and pre approvals both have “conditions for funding” once the conditions are met and satisfied by the lender then you will receive an “approval” Even if you have an approval, any thing could happen that that loan company would renig on lending to you. It is Imperative once you get a pre qual you do nothing with credit cards at this point buying a tank of gas on credit could change your scores then suddenly you are no longer qualified. The other most important thing for you to remember the loan company will check your credit the day before the loan is closed or funded to make sure you did not buy a household of furniture or a new car on credit. Yes even a tank of gas can change the outcome.
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Prequalification is just to see what your payment will be. Preapproval means that the payment estimate is based on credit score. Getting the actual loan depends on pay stubs to document the income you claimed for the preapproval. So you should still get the loan if your income was accurate.