cantholdmd
New member
get what I was pre-apporved for? I was pre approved for 235K on a mortgage. I ended up getting a house for 215K. I did the final application, proved that I have the funds for closing (7k more then I need) and two days later I'm still waiting for an answer from my lender on what rate I locked in at. I began to get nervous so I send an email... I get this reply...
We are limited to just a single investor within our secondary pricing and it will have to absorb some adjustments to ensure we get you a rate with a reasonable price that will also allow us to meet ratios and secure you with a loan approval. I will let you know what they tell me …
Does this mean I'm not approved? It makes no sense that I get a loan 20k cheaper then what I was approved for and I'm getting this ? Did the loan officer screw up and pre-approve me for a amount thats too high?
Any advice would be helpful, thanks
We are limited to just a single investor within our secondary pricing and it will have to absorb some adjustments to ensure we get you a rate with a reasonable price that will also allow us to meet ratios and secure you with a loan approval. I will let you know what they tell me …
Does this mean I'm not approved? It makes no sense that I get a loan 20k cheaper then what I was approved for and I'm getting this ? Did the loan officer screw up and pre-approve me for a amount thats too high?
Any advice would be helpful, thanks