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this is my situation … I said back with a mortgage broker for a while, get a loan. He ran towards me and credit my husband and he told me that we qualify. after review by alittle more I decided to go with his mortgage and company.he finamce gave me a letter of pre-qualification by saying that we conditionally eligible for a loan of up to 250,000. we have an offer on a house and it was Acccepted. I got a commitment from him referred to the statement of my interest and he also said he needs a copy of the sales contract and W2 or pay slips. He wrote that once the lender for final approval.i do not understand that he receives will be sent. Why donors must make final approval. We have credit problems in the past, but he has already pre-qualified to us the loan. we are now buying a house .. And if something goes wrong and does not go through the loan? This can happen if they ever run credit and m US.I shortlisted afraid he will say we can not get money

4 Thoughts on someone please help? Mortgage Broker here?
  1. Reply
    ybindet
    May 18, 2011 at 9:20 am

    Sorry to hear your terrified, but the reality is that just because you have great credit score doesnt mean you and your husband have what a lender calls “ability to pay” or ATP. They need to verify your employment etc., just too make sure you didnt lie on the the prequal. application. Even though you prequal’d for 250,000, the lender still needs to make sure that your mortgage payment is within what they call an acceptable “debt to income ration”. Yes, you might be able to pay your mortgage every month, but will you also be able to say… buy groceries and pay the electic bill. See what I mean…… Dont sweat it. As long as your income AND assets if any, justifies the monthly payment, you should have no problem.

    hope this helps. Ybindet (I am a Primerica Financial Svcs. Representative)

  2. Reply
    Kevin B
    May 18, 2011 at 9:56 am

    Yes. It can fall through. But it could go perfectly fine. The broker had a conversation with you and took your word on your income, assets, and personal information. Now that you found a house, he has to submit this file to a lender. Lenders don’t take anybody’s word. They need paper documentation for every answer you gave him on your application. About 24-48 hours after he sends the file to the lender he’ll get a list of items he needs to close your loan. If you said you make $ 60,000/year, they want proof. They’ll look at last year’s W2 (how much you made) and your last paystub (how much you’ve made so far this year). That way they can see that you’re on track to make what you made last year or better. If you said you have $ 5,000 in the bank, your broker will now ask for paperwork to prove that, especially if you need it to pay for closing costs. He’ll also need to send a form to your employer to verify that you still work there. All of this is done to protect the lender against fraud. Fraud happens constantly to banks and costs them lots of money. Sometime borrowers lie, sometimes brokers lie. That’s why they request all this proof. Even after all this the lender will have to “ok” the appraisal and title work. So, you can see, that your loan could fall through due to things completely out of your’s and your broker’s control (appraisal and title). What you’ve described in your question is a completely normal mortgage broker process. I wouldn’t worry. Stay in close contact with your broker and let him know that you will do whatever you need to do to help him close your loan.

  3. Reply
    vegasb2k
    May 18, 2011 at 10:31 am

    Sometimes when a lender says one thing, it sounds scary to someone in your position.

    When he said he has to send the info to the lender for final approval, he maybe should have phrased it better. It is the brokers job to look over the info and know if it fits the guidelines. Then the file is sent to an underwriter to verify the facts and the file that the broker submits. They put their final stamp of approval on it and all is good.

    Buying a house can be scary and stressful, but it is best to just take a deep breathe and let the lender work his magic. The more you worry, the worse you feel, so don’t worry, be happy. Look at the end result of living in your new home.

  4. Reply
    The MortgageGuy
    May 18, 2011 at 10:31 am

    Don’t stress to much. If the broker is worth his salt,and the loan doesn’t fly there are literally hundreds and hundreds of lenders just begging to take your money,he can find somebody to give you the loan.

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