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What does this mean?

I have been pre-qualified , signed contract w/earnest money down, locked in rates.  does this mean my loan has been approved?
  • September 20 2013 - Manvel
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Answers (5)

No it just means you are in the process of getting loan commitment.

Inspections and appraisals have to be done.  The bank will require verifications of income and employment.  They will do an extensive check to be sure you do not own another property and into your credit.
  • September 21 2013
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Depends on how tricky your income, credit and assets are and what your down payment looks like.  If you have an experienced loan officer or banker and solid income/credit the likelihood of you closing will dramatically increase.  The appraisal and inspection can still be a bit sticky and the best rule of thumb is a loan is never 100% until the seller has the money.  

We wish you the best of luck!

 
  • September 20 2013
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Profile picture for Outer Banks N C
No it does not. There is no way to be fully approved until the underwriter reviews everything and that means everything. It is the last step and one of the things required for approval is an appraisal. The underwriter could approve with conditions, that would be one step from full approval. One condition might be the appraisal but to be fully approved you need that. Pre-qualified is almost meaningless really.
  • September 20 2013
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Probably not. Once the appraisal is done the underwriter will be given your file for review. The underwriter will then determine if any additional conditions are needed. The pre-approval is just the beginning. Good Luck!

  • September 20 2013
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As long as the appraisal goes well it looks like you are on your way. Good Luck!
  • September 20 2013
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