does a preapproval for a mortgage usually mean you will be approved?

Question

we have verified income and assets and other criteria, and our credit report has been checked

Answer 1

Most likely you will be fine, but remember that the approval is also subject to satisfactory appraisal of a subject property and flood zone determination, also title search. So, even if everything is fine with you you may not get it if the property is overpriced or in a flood zone requiring flood insurance...
But actually if a mortgage fails for those reasons, you probably don't want to go through with it anyway.

Answer 2

Usually, yes. And almost guaranteed if they have already confirmed your income and assets and credit.

That being said, much of it depends on the quality of your loan officer. Some are basically idiots who will take 2 seconds to look at your credit report and issue a preapproval. They usually don't last long because their name becomes mud with realtors when their loans don't close on time.

Most will take the time to at least get a computerized approval. These hold almost every time, as long as the data that was put in the computer was accurate. Then it's just up to you to find a property that fits within those qualifications, and to get a satisfactory appraisal and titlework.

In rare cases, the appraisal can come in lower than you're paying for the home, this could scuttle the deal unless you pay cash for the difference or get the seller to renegotiate.

But yes, in almost all cases, a preapproval will end up being a full approval.

Answer 3

You have all the ingredients of a pre-approval, your credit report and income has been verified. So in this case you probably have a pre-approval.

Now if nothing is drastically found in your credit or you make new loans or credit card purchases then once you have located a property, you will need to update the information the mortgage broker has and complete the process.

This will normally take about 14 work days after you have found your home.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 4

Yes - that's the whole point of being pre-approved. You will still have some processes to go through once you make an offer

Answer 5

Usually, unless something else is discovered during the actual approval process.

Answer 6

usually. But they may find a glitch