preapproval: SECRETS OF BUYING A HOME: #1...Your Pre-Approval May Be Worthless!
- 09/24/14 10:50 PM
You visited your local bank, got your pre-approval and are ready to go shopping for a home. Not so fast! That pre-approval may be worthless. During the past few years we have seen more financing fall through, AFTER a contract is in place, than ever before. It's frustrating, not to mention embarrasing, for both the buyer and agent. All Pre-Approvals Are NOT Created Equal! Although all pre-approvals are NOT equal, your loan is actually processed and underwritten through the SAME national, automated underwriting systems. Fannie Mae’s DU/DO (Desktop Underwriter/Desktop Originator), and Freddie Mac’s LP (Loan Prospector), are utilized by the entire industry to automate the loan … (3 comments)
You visited your local bank, got your pre-approval and are ready to go shopping for a home. Not so fast! That pre-approval may be worthless.
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