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.