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was anyone denied the loan after being preapproved?
what were the circumstances ?
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Posted 6/15/10 9:51 PM  |
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Prudential Douglas Elliman Real Estate
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: was anyone denied the loan after being preapproved?
I feel like that's about to happen to me 
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| Posted 6/15/10 10:11 PM |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
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Re: was anyone denied the loan after being preapproved?
While a little different from your hypothetical, I have heard of lenders backing out in situations where buyers go out and purchase furniture, but finance it, in anticipation of their closing on a home. Some buyers don't realize that lenders can check their credit a second time right before closing. If the newly financed furniture affects the borrowers credit enough, some lenders walk.
I suppose it could happen for a number of other reasons too, whenever any of the buyers circumstances change, like down payment, credit score, dti ratio, employment status, etc.
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| Posted 6/15/10 10:14 PM |
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bella
LIF Adult
Member since 5/05 1871 total posts
Name:
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Re: was anyone denied the loan after being preapproved?
this has not crossed my mind but I think I feel al ittle sick thinkig about it, especially since I have sold my current house and already clsoed on it, I am officially a renter right now, we are having some issues with having to show more documents, etc but I think its the norm these days. We are also watching every penny we are spending and paying ALL bills on time, JUST IN CASE they rerun credit ;)
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| Posted 6/15/10 10:30 PM |
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MrsAm
LIF Infant
Member since 2/10 81 total posts
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Re: was anyone denied the loan after being preapproved?
My friend and her fiance were pre-approved and then the lender backed out (after they went into contract) b/c they decided that their employment wasn't "stable enough".....they are both employed full time and have been for over a year
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| Posted 6/16/10 10:12 PM |
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METLove2008
LIF Adolescent
Member since 5/08 541 total posts
Name:
Ellie
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Re: was anyone denied the loan after being preapproved?
I know a couple that was pre-approved and then eventually got their mortgage commitment letter.
On the day of the closing the bank tried to say that they have a new policy in place and the couple didn't fit their new loan requirements.
Their attorney had to fight the bank and eventually got them to agree to close... but that didn't stop the bank from trying to back out. The bank was really trying their hardest to get out of it.
If the couple had waited a few weeks and didn't get the mortgage commitment when they did... the bank def would have denied them.
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| Posted 6/16/10 10:24 PM |
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Mrs213
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Member since 2/09 18986 total posts
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Re: was anyone denied the loan after being preapproved?
Posted by MrsAm
My friend and her fiance were pre-approved and then the lender backed out (after they went into contract) b/c they decided that their employment wasn't "stable enough".....they are both employed full time and have been for over a year
I am afraid this is going to happen to DH and I - he has only been at his job since March so they want all this paperwork. However he was previously with the company for over 10 years and went somewhere else to work for 2 years and now is back. I have been at my job for 10 years so I hope everything is okay!
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| Posted 6/16/10 11:07 PM |
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