Profile picture for BronsonTran

My loan application had been approved?

What does this mean? Did I go through underwriting yet?
  • February 09 2014 - Raleigh
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Underwriting will take place as the transaction moves toward closing.  There will be one last check to verify nothing has changed th day of closing.  I recommend you consult with your mortgage broker/loan officer
  • February 09 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

In my area, in this market, you must submit your letter of pre-approval with your offer on a home.
I'm assuming that you are starting the process of getting pre-approved and finding a home.
A pre-approval means that the lender has checked your credit and requested paperwork and determined that you are eligible to get a loan as long as the property you are purchasing "passes inspection"(appraises for sale price or more, has no liens on title that can't be cleared, is in acceptable condition, etc) and your qualifications hold up under further scrutiny. If you tried to omit anything, it will come out during this process. Also, DO NOT make any big purchases such as a new car or furniture until your home sale has closed. When the lender runs your credit report again right before final loan approval, these purchases may disqualify you for the loan.
Final loan approval will happen near the end of the closing period, then the lender will order loan documents, you will sign them and the loan will be funded and the sale will close.
  • February 09 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Just saying that could mean lots of things, but we could only guess. How long has the process been going on? If you say 15-30 days then it could mean the underwriter has approved it, but you would have had to have the appraisal done and any surveys if required also done. Have they been? To really know, ask you loan officer.

  • February 09 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.