Comments on: Evaluating a Home Loan Pre-Approval http://www.mytucsonblog.com/loans-and-financing/evaluating-a-home-loan-pre-approval/ Everything you need to know about Tucson and Real Estate - and then some Fri, 30 Jul 2010 17:05:44 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Philadelphia Real Estate http://www.mytucsonblog.com/loans-and-financing/evaluating-a-home-loan-pre-approval/comment-page-1/#comment-1694 Philadelphia Real Estate Sun, 04 Jan 2009 23:19:42 +0000 http://www.mytucsonblog.com/loans-and-financing/evaluating-a-home-loan-pre-approval/#comment-1694 All of your statements are right on Kelley. Most of those "incentives" are marketing tactics that may or may not exist. Also, as Brian points out, these days you really have to check out the originator that is working on your clients file. As both an originator and RE agent I know a lot of those pre-whatever's aren't worth the paper they are written on when it comes down to getting a clear to close. All of your statements are right on Kelley. Most of those “incentives” are marketing tactics that may or may not exist. Also, as Brian points out, these days you really have to check out the originator that is working on your clients file. As both an originator and RE agent I know a lot of those pre-whatever’s aren’t worth the paper they are written on when it comes down to getting a clear to close.

]]> By: Brian Brady http://www.mytucsonblog.com/loans-and-financing/evaluating-a-home-loan-pre-approval/comment-page-1/#comment-1690 Brian Brady Sat, 03 Jan 2009 06:52:42 +0000 http://www.mytucsonblog.com/loans-and-financing/evaluating-a-home-loan-pre-approval/#comment-1690 Kelley, you make good points here. This pre-approval is attainable...kind of. 1- A pre-approval is one where the lender takes a full application (with all disclosures), collects income and asset documentation, runs an automated underwriting program, attains that approval, and has a human underwriter sign off on the income and assets. Those approvals are good for 120 days. 2- Most rate locks are free for 60 days. Anything beyond that costs money to "hedge" so it's a risky lender who offers such a long lock for free. 3- Float-downs are being offered but usually only once during the loan process. Hope this helps a bit. PS: Many listing agents in California are requiring the front page of the Automated Underwriting approval, the front page of the credit report, a verification of down payment, and their own lender to "interview" the submitting originator. I've both been interviewed by and interviewed originators; we're just looking to see if the originator has a handle on the loan file Kelley, you make good points here. This pre-approval is attainable…kind of.

1- A pre-approval is one where the lender takes a full application (with all disclosures), collects income and asset documentation, runs an automated underwriting program, attains that approval, and has a human underwriter sign off on the income and assets. Those approvals are good for 120 days.

2- Most rate locks are free for 60 days. Anything beyond that costs money to “hedge” so it’s a risky lender who offers such a long lock for free.

3- Float-downs are being offered but usually only once during the loan process.

Hope this helps a bit.

PS: Many listing agents in California are requiring the front page of the Automated Underwriting approval, the front page of the credit report, a verification of down payment, and their own lender to “interview” the submitting originator. I’ve both been interviewed by and interviewed originators; we’re just looking to see if the originator has a handle on the loan file

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