Someone please help? any mortgage brokers here?

this is my situation...i talked to a mortgage broker a while back about getting a loan. he ran me and my husbands credit and he told me we would qualify. after checking around alittle more i decided to go with his mortgage and finamce company.he has sent me a pre-qualification letter saying we conditionally qualify for a loan up to 250,000. so we put in an offer on a house and it was acccepted. i got a commitment statement from him quoting my interest rate and he also said he needs copy of purchase agreement and w2's and pay stubs. he wrote that once he receives this is will be sent to the lender for final approval.i don't understand this. why does the lender have to make final approval. we have had some credit issues in the past, but he already pre-qualified us for the loan. now we are buying this house..what if something goes wrong and the loan doesn't go through? can this happen if they already ran our credit and pre-qualified us.i'm terrified he will say we can't get the money

Someone please help? any mortgage brokers here?

Sometimes when a lender says one thing, it sounds scary to someone in your position.

When he said he has to send the info to the lender for final approval, he maybe should have phrased it better. It is the brokers job to look over the info and know if it fits the guidelines. Then the file is sent to an underwriter to verify the facts and the file that the broker submits. They put their final stamp of approval on it and all is good.

Buying a house can be scary and stressful, but it is best to just take a deep breathe and let the lender work his magic. The more you worry, the worse you feel, so don't worry, be happy. Look at the end result of living in your new home.

Someone please help? any mortgage brokers here?

Sorry to hear your terrified, but the reality is that just because you have great credit score doesnt mean you and your husband have what a lender calls %26quot;ability to pay%26quot; or ATP. They need to verify your employment etc., just too make sure you didnt lie on the the prequal. application. Even though you prequal'd for 250,000, the lender still needs to make sure that your mortgage payment is within what they call an acceptable %26quot;debt to income ration%26quot;. Yes, you might be able to pay your mortgage every month, but will you also be able to say... buy groceries and pay the electic bill. See what I mean...... Dont sweat it. As long as your income AND assets if any, justifies the monthly payment, you should have no problem.

hope this helps. Ybindet (I am a Primerica Financial Svcs. Representative)

Someone please help? any mortgage brokers here?

Yes. It can fall through. But it could go perfectly fine. The broker had a conversation with you and took your word on your income, assets, and personal information. Now that you found a house, he has to submit this file to a lender. Lenders don't take anybody's word. They need paper documentation for every answer you gave him on your application. About 24-48 hours after he sends the file to the lender he'll get a list of items he needs to close your loan. If you said you make $60,000/year, they want proof. They'll look at last year's W2 (how much you made) and your last paystub (how much you've made so far this year). That way they can see that you're on track to make what you made last year or better. If you said you have $5,000 in the bank, your broker will now ask for paperwork to prove that, especially if you need it to pay for closing costs. He'll also need to send a form to your employer to verify that you still work there. All of this is done to protect the lender against fraud. Fraud happens constantly to banks and costs them lots of money. Sometime borrowers lie, sometimes brokers lie. That's why they request all this proof. Even after all this the lender will have to %26quot;ok%26quot; the appraisal and title work. So, you can see, that your loan could fall through due to things completely out of your's and your broker's control (appraisal and title). What you've described in your question is a completely normal mortgage broker process. I wouldn't worry. Stay in close contact with your broker and let him know that you will do whatever you need to do to help him close your loan.

Someone please help? any mortgage brokers here?

Don't stress to much. If the broker is worth his salt,and the loan doesn't fly there are literally hundreds and hundreds of lenders just begging to take your money,he can find somebody to give you the loan.