I'm wondering about pre-approval for a home mortgage!?

L

London Chelsea

New member
My husband and I have found a great house, that we are both very interested in buying.
We have an appointment on Wednesday for a mortgage pre-approval. If we were pre-approved are we then able to put in an offer to buy the home? Or do we have to wait until we actually do get the loan?

Any help will be appreciated so we can know what to expect, because I don't want to miss this great opportunity.

Thank you.
 
Pre-approval means that if everything you told the bank is true, then you got the loan. But then during the disclosure process, if it turns out you owe more than you said, or the house isn't worth what you said, or you lied about something, then the loan is null and void.

So be up front and honest and disclose as much information as you can to the loan officer, and the pre-approval should be a shoo-in for final closure.
 
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