what percentage of mortgage pre approvals are actually approved?
We went through the the process of providing credit, bank assets, etc to document income & debts. It came back as pre approved through the computer. I should feel relieved, but I just want to know what are the chances it will go on to be approved?
As a former underwriter, when you get the “conditions” list from your loan officer, if you can meet every condition on that list, with exactly what the underwriter is asking, you will get your loan.
If you are providing “alternative” documentation, the underwriter has the right to modify and/or add conditions.
How the Process of Originating a Home Loan Works…
