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I applied for a home loan and got a letter signed by my loan officer saying "Congratulations! Your real estate loan has been approved based on the following terms:" My question is, is this a defenite loan approval or can my loan still be denied for some reason?

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cchristine,

This, I believe, is a pre-approval letter from the loan officer. The underwriter is the one who decides whether a loan can be issued and finally approves a loan. So, this letter suggests that the loan officer has approved your loan, but the underwriter's decision for a pre-qualification is pending.

Like | Dislike | Share | Posted: Sat, 04/25/2009 - 03:04 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

"based on the following terms" pretty much spells it out. if there are conditions to the approval, you must meet those conditions in order for your approval to be valid. if you fail to meet any or all of the conditions, your approval will evaporate.

Like | Dislike | Share | Posted: Sat, 04/25/2009 - 05:20 | Post subject:

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Christine, let us know what those terms are.

Like | Dislike | Share | Posted: Sat, 04/25/2009 - 20:04 | Post subject:

JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

This approval is simply based on the information you have given the loan officer up until this point. Keep in mind, if there are any discrepancies between what you told the loan officer and what you submit to the loan officer you may lose that "approval". I hope this helps...

Like | Dislike | Share | Posted: Mon, 04/27/2009 - 09:56 | Post subject:

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