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A Mortgage Pre-Approval You Can Count On
A recent article in Forbes magazine entitled “Why Getting Pre-Approved For A Mortgage Is A Sham” was lamenting the uselessness of home buyers obtaining a pre-approval letter from a mortgage lender prior to shopping for a home.
 
Here is a short excerpt from the article that summaizs the author's concerns.
 
“The fact is that mortgage pre-approvals are not what everybody wants them to be. They are not ironclad, they are not processed and reviewed by underwriting people and they are not subject only to an appraisal, even though most of them say that. They are however part of almost every real estate deal and they have become essential in the bidding on a house process. Since mortgage pre-approval has grown to be so integral to the home buying process, it makes sense that lenders would rigorously address this void. Not so.”
 

 
The article aptly points out one of the problems facing home buyers in today’s market. Many of them think they have been pre-approved when in fact they have not, they have merely been pre-qualified. They may have a pre-approval letter from a licensed or registered Loan Originator, but their credit, income, assets and other loan ... more

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