+1 vote
asked in Mortgage by
When I apply with Gustan Cho and receive a pre-approval, does that mean that an underwriter has reviewed my file?  I haven't started looking for a home yet- I plan to start very soon but I will be applying with Gustan Cho for a pre-approval so I can have the letter when I am looking at homes with my realtor.  I just want to feel confident when I make an offer on a home that my pre-approval is more than just a piece of paper.  I have read so many stories of people getting a pre-approval letter from other lenders and getting denied.  It seems like such a stressful, scary process getting a mortgage loan but I am determined I will get a mortgage this year.

I have been planning for a mortgage loan for over a year now.  I have worked so hard to make sure that I am in the best position to get a mortgage loan.  Clean reports,  I have many credit cards but I only allow  one credit card to report with a VERY small balance that I end up paying in full after the statement posts, long time on my job, ample savings for the down payment and closing costs, haven't applied for any credit in a very long time, FICO scores over 800.    I have a 20 year credit history with perfect payments on everything.  I've read all the do's and don't before and during a mortgage application and have been following the advice to a tee.  A year ago I had a lot of credit card debt but I put myself on a tight budget &  stopped going out to eat, movies, vacations, etc so that I could pay all my debt off.  It has been a long road to get here.

2 Answers

0 votes
answered by
All of our pre-approvals are underwritten and signed off by our underwriters.  Once you get issued a preapproval, you can shop for a home. A loan officer should never issue a preapproval.  Only underwriters.
0 votes
answered by
You are doing all the right things and keep it up. Make sure that you have no overdrafts on your bank accounts. Feel me to call or text me at 262-716-8151 anytime. Again, all of our pre-approvals are loan commitments and takes about a week. You can rest assured that you loan will not just close but close on time. I will be more than happy to talk to your realtor also to make sure you get a sellers concession by sellers and is listed on real estate purchase contract so you have no closing costs. What state are you planning on buying?
commented by
Thank you Gustan!  I am in Texas