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Conditional Mortgage Approval, important step or no?- Long
Hi guys, so basically since the whole earnest/good faith payment fiasco everyhting has been running pretty smoothly. We are in contract with the sellers, I submitted all my paperwork and yesterday they told us that we have a "conditional mortgage approval" pending an appraisal which may be a while since the house is still under renovation. I also made a clause in my contract that says if they dont fix ALL errors that my inspector may find, I get to walk from the contract. So far I am feeling pretty happy..stressed but happy....until today.
A friend of mine is a mortgage broker for a major bank. I originally tried to get a pre approval though them, they qualified me but not for the amount I needed. He advised that I go to some classes and try to get a grant for the remainder. MY income wasnt low enough for any of the grants I needed, the only grant I was eligible for was Own It, Fix It which I did not want. So I went with another smaller bank which is the one I am using now. I made sure I let my friend know that I would not be going with them. Long story short.....or shorter
He asked how it was going and I told him we got the conditional mortgage approval and he basically said that doesnt mean anything and he could have gotten that for us months ago, he also wants to see the paperwork that I did for this bank, because he may be able to "duplicate it" and get us a mortgae with this big bank that he works for. Not only did this make me feel bad, like I've just been spinning my wheels and am getting excited for nothing. But the people I have been dealing with at the bank have been beyond helpful, always answering my questions and getting back to me promptly and I dont think its right for me to just up and go. I dunno I guess I'm venting and also asking wwyd?
Re: Conditional Mortgage Approval, important step or no?- Long
Ignore him, he's shady.
Our bank told us we were approved pending the appraisal. What it basically meant at our bank was that we are good to go as long as the property appraised for at least the purchase price.
If he is just going to do "the same" for you, and not better, then what is the point of using him? Personally, I would let it go and move forth with the bank who is giving you the service you want.
It's important to note that a home mortgage pre-qualification and income verified mortgage pre-approval are not the same thing, so don't assume that the lender will provide you with a mortgage simply because you have completed the first step. Failure to realize this could cost you your new home!
pre approval mortgage