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Stupid Banks /rant
Ok. So by now, most of you know that Jared and I are in the middle of house hunting. We just recieved our pre-approval letter today from the bank.
Now, here's the thing. They said the house must appraise at or above $XX. We don't plan on spending $XX because that is way to much house for us. We got pre-approved for more than we felt comfortable spending. But, in the letter, it has the full pre-approved amount as one of the bullet points. When we do find a house, we have to go back to the Underwriter and get pre-approved for a smaller amount! This makes absolutely no sense! Wouldn't you just say, the house must appraise for purchase price and, like it does, the loan amount must not exceed $X? This means less work for you!
/end rant
Re: Stupid Banks /rant
Huh... that really doesn't make any sense.
When we bought we were approved for $160,000 and could purchase a house for anything under that. The only catch was that the appraisal price had to either match or be higher than the agreed purchase price or we had to rebid a lower price.
I don't know why they'd have to send it back to get pre-approved again when you've already been approved for more.
Hydrangea's right, there's definitely a lot of back and forth. Our underwriter was a PAININTHEASS with the paperwork but we bought the house for $10,000 less than we were approved for and didn't have to get reapproved...
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I don't want the whole world.
The sun and moon and all their light.
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