Answers (4)
- Cindy Quinton, "Cindy Quinton"
- Contributions:2444
I just meant that the process that begins after the agreement has been reached and leading up to the closing can be costly. I personally wouldn't proceed with the purchase unless I was pretty certain that the loan would go through. Truthfully, a pre-approval is not a promise to do a loan...many people can't close after a pre-approval.
I think your best bet is to be very upfront and speak to your lender to find out what action you should take. I am sure it depends a great deal on what the collections are, when and how they are settled, what type of loan you are getting, and your overall loan file. There are just probably too many moving parts for any of us to advise you. Again, get in touch with your loan officer. I wish you the best, and I understand the frustrations (I personally have been waiting a year to be mortgage worthy after losing my home in a tornado).
I think your best bet is to be very upfront and speak to your lender to find out what action you should take. I am sure it depends a great deal on what the collections are, when and how they are settled, what type of loan you are getting, and your overall loan file. There are just probably too many moving parts for any of us to advise you. Again, get in touch with your loan officer. I wish you the best, and I understand the frustrations (I personally have been waiting a year to be mortgage worthy after losing my home in a tornado).
- wetdawgs
- Contributions:39533
Sounds like a pretty serious issue. If collections have hit your credit file since you received the pre-approval, you need to know about them and how they impact your ability to get a mortgage. If there was sufficient impact on your credit scores, you may discover you will have to put your home buying dreams on hold.
The pre-approval is not a commitment from a lender to provide a mortgage, just a best guess with the information available on the date of getting the pre-approval. If things change between the time of the pre-approval and the application for the loan, the lender may reject your application.
Sorry to hear about this. I hope you work it out in a way that makes you happy.
The pre-approval is not a commitment from a lender to provide a mortgage, just a best guess with the information available on the date of getting the pre-approval. If things change between the time of the pre-approval and the application for the loan, the lender may reject your application.
Sorry to hear about this. I hope you work it out in a way that makes you happy.
- Chuckie Graham, "Chuckie007"
- Contributions:102
There have been no inspections as of yet, did not want to do all that until I received a sales agreement, so are you saying my chances have become slim because of the collection hits on my credit report and not to get an extension or I do not need an extension. My real concern is the final funding and is there anything that I need to be doing concerning the new collection accounts,I was informed by the seller that he will be getting back to me this week with the sales agreement,this information I just received.
Any suggestions out there, Thinking about asking the seller for a little more time or just adding it in the sales agreement and see what his response is.
Any suggestions out there, Thinking about asking the seller for a little more time or just adding it in the sales agreement and see what his response is.
- Cindy Quinton, "Cindy Quinton"
- Contributions:2444
I wouldn't be nearly as worried about a pre-approval as your ACTUAL ability to get a mortgage underwritten and funded after spending all the time and effort doing inspections on a house.
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