| Mortgage Pre-Approval Wows
What is the name of your state? MD
We are working with a mortgage broker and have been pre-approved for a home loan but I still have doubts. We have completed the loan application, sent in pay stubs, bank statements and our credit has been run and we have been given a pre-approval letter for $250,000. The broker advised us that he is not the lending company and he works for us to get the loan processed at the best rate and terms for us. Since the underwriters have not seen anything, how can the broker be so sure. We are building a new home and have signed the contract, picked our options and have placed a earnest money deposit but I still feel a bit unsure. The builder advised that they must have full loan approval before building and our broker is advising that we're going to be just fine.
I guess I am a little unsure because although we have been maintaing good credit for the past year or two, we have had credit problems in the past and never thought we would qualify.
Has anyone out there been pre-approved and not got their full loan approval and why.
Should I just relax and trust my broker who is Vice-President of the brokerage and have been doing this business for 18 years or is there a need to worry. | 
09-13-2004, 01:33 PM
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