Latest / Yes! You Can Buy a Home with Keith Goeringer
Under Contract With a Fake Preapproval Letter
The worst time to find out your mortgage preapproval was wrong is after your offer gets accepted.
Now the inspection is scheduled. The appraisal is ordered. Earnest money is tied up. The seller expects you to close.
Then underwriting finds the problem.
In this episode, I explain why some preapproval letters fall apart after contract, what lenders should review before issuing one, and how mistakes with income, debt, assets, property taxes, insurance, HOA dues, and property type change an approval.
I also explain the difference between getting an automated approval and having a file prepared to…
The skinny
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