Having gone through this many times, the pre-approval process simply helps you sort of define your price range, so you can begin looking at homes. In no way does pre-approval gurantee approval, though. Even approval doesn't gurantee approval, and I'll tell you why. Let's say you were pre-approved for a $200K mortgage. You go out and start looking, and find that with 10% down, you think you can afford a $220K. The bank/lender looks at the home's details and finds it is acceptable (because it may not be, if it has bad wiring or banned insulation, for example). You proceed with loan approval. Assuming you can provide everything the bank needs (more complicated for me, because I'm self-employed), oh happy day, you are now approved and all the paperwork begins and a 'sold' sign goes up on the property. You hire a lawyer, get insurance, start thinking about all the service changes you'll have to make (post office, utilities, etc.) But something happens in your life. An expensive emergency happens, or you get all 'Gigi' and go buy a new car or take out a new credit card (you know...just so you buy all that new furniture you want). Lo and behold, just before the closing, your lender pulls a new credit report on you, and finds you now have additional monthly payments or credit available, which puts you over their threshold for approval. That's it. No loan, and the sellers want your head on a platter. (They already cleared-out the house and bought a new one!) The chances of finding a new lender within a day or so is about nil. That's it. You're homeless. (Message here: once approved for a loan, don't do anything of financial relevance beyond buying groceries. ...At least, not until the closing documents are signed.) Seriously, think of pre-approval as being on the right track, and a mere estimate of your budget. If your finances were way off or something, you wouldn't even be able to be pre-approved. So, you're just initially acceptable at this point. If at all possible, stay as conservative as possible in your real estate choices. Don't borrow all that you can, and have about $10,000 Guntersville CASH more than you think you'll need over and above downpayment and closing costs. (...because it always seems to be about $5,000 more than I think it's going to be, and I'm scrambling a bit at the last minute for liquid cash.) Closing costs will include things like lawyer's fees ($1,000+), often title insurance ($400), broker fees if you go through a mortgage broker ($2,000+), etc. Different lenders will tell you different things, too. One time, a bank loan officer told me to pay off and close one or more credit cards. I did that during the process of making myself look as good as possible to the bank. (I have excellent credit.) But I went with another lender, and they specifically told me not to pay off or close any more credit cards (and that I shouldn't have paid off the ones I did). So...you just never know. But be prepared to do everything your lender tells you, if you want to be approved, and remain approved through closing. I remember when I bought my first home, I had been paying $2,500/month in rent + utilities, and the mortgage on my new home was just over $700/month (about $300 going to principle, in the beginning). I thought to myself, 'Why didn't I do this a long time ago????' Keeping in mind I was very conservative and bought an inexpensive fixer-upper I could EASILY afford. (I mean, it cost about two years' salary, if that.) But the difference in monthly payments was staggering. Even with property tax, the monthly costs were only about $1,000 + utilities. If you make good choices and don't over-extend yourself, it could be the best thing that happens to you. Oh, and be sure to get your credit report from Trans Union and Equifax, at least. (Your score will be slightly different for each.) I have an excellent score, but it's my understanding that a score of 622 or less will mean higher interest rates. Above 700 and you should get the best available rates. Good luck!
Pre-approval, is just that, pre-approval you will have to go through the entire approval process before you can get the loan. They will ask you for pay stubs, bank statements, and many other things. This is the normal process of getting approved for a home mortgage.
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