2006-07-14 17:32:12 · 4 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
No. Many other things must be verified. such as verifications of employment and deposit, tax returns, the ability of the home to appraise out for the loan to value ratio and no clouds on the title work. Nothing really guarantees a mortgage. I'm in real estate and I've seen people lose their job a few days before closing and the mortgage is not granted even after all else was O.K. It's not over "till the fat lady sings" and the transaction closes!
Schmooz
2006-07-14 17:55:16 · answer #1 · answered by schmooz 1 · 0⤊ 0⤋
Absolutely not. It only means you got the lender to say you qualify on the basis of answers you gave while the lender was going wink wink. Later, when the hard questions come from the lender about your ability to actually make the mortgage payments, the rubber will hit the road.
2006-07-15 00:38:37 · answer #2 · answered by Heckel 3 · 0⤊ 0⤋
As long as you can come up with the down payment they request they are legally obligated to give you the loan if you are "pre-approved" and yes at the loan rate they quoted you. If they try and pull something on you get a laywer.
2006-07-15 00:39:54 · answer #3 · answered by NobleMaN 2 · 0⤊ 0⤋
no nor does that mean you will get the rate they say you will get either! be very carefull!!!
2006-07-15 00:36:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋