Pre-approval?

When you got your pre-approval, what was the 'product', so to speak, at the end? We were pre-qualified originally (spoke to the mortgage guy, reviewed finances, knew what we could afford and if we would be approved for that amount) and then decided to go ahead and do a full-on pre-approval, and we submitted everything about 10 days ago to our mortgage guy and haven't heard anything? Should we be getting some sort of report or something that gives us a number for what we can get approved for? If we haven't heard from him (and he knows what we are looking to spend) should we assume there are no issues?

Re: Pre-approval?

You usually get a letter stating you are pre-approved.

Re: Pre-approval?

Yes, a preapproval should be in writing. The best letters are more specific -- they are dated, they state the type of mortgage you are approved for, the amount, the amount of down payment, the property taxes being assumed, your interest rate.

And they should be signed by someone from the mortgage company (e.g. the loan originator), or at least have contact info on them.

If a preapproval is too vague and looks like it will raise questions if it is provided to a listing agent in negotiations, I make sure to call the person on the letter and verify the information/seek more information.