If you have a commitment from the lender, then they cannot just change their mind unless they found something wrong with your application (i.e. undisclosed credits, wrong information on income source, different source of down payment as what was presented initially) . If you do not have a written commitment from the lender and you only have a verbal commitment, it may be difficult to bring them to court. The way we do pre-approval is like getting a real mortgage - submit all relevant documents up front and get the lender give us a mortgage commitment good for x-days. This assumes that your financial condition would be the same or better when the mortgage application with a property is submitted.

A pre approval means that the bank will issue you a mortgage loan based on the information provided however before approving the mortgage the bank will verify the documents. If the documents were not verified and you already got fired then most likely you will not be able to get approved as the x employer will not verify the information of your employment.

ON Canada. There are many reputable mortgage brokers who can process your loan application. My underwriter can turn around a mortgage application within 2 days if this is a purchase. We can also get a mortgage commitment within 2 days from other lenders as long as the documentation is in order. Hope this helps.

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My boyfriend and i are going to get pre-approved to buy a house. due to stupidity years ago when he first received credit cards, his credit score is poor. he also just got a new job..started training this week, so his paychecks won't even show regular pay for a while now. i've got a score in the 700s...have had my job for almost 2 years with consistent income. we don't know if it's best for me to apply for the mortgage on my own. i also have great debt-to-income ratio. will his new job (inability to show consistent income) plus poor credit affect us in a negative way for our pre-approval or will just his additional income help us? we make the same amount of money but i fear that my income alone will look like i can't even afford a house (if that matters), when in reality, we'd be splitting the mortgage. although it doesn't matter.... a marriage is in our future. we want to buy simply because now is a great time and we'll end up paying less in a mortgage payment than we currently are in rent right now.

I feel for ya girl. I'm in a very similar situation and I know for a fact that if his credit isn't good, don't put him on the lease. There's nothing at all wrong with you putting your name down legally and adding him as an occupant. Then you get the extra income, you get to live together, and you're not setting yourself up for a downfall. If for whatever reason things get sticky or don't work out, you can find another tenant and you won't be stuck dishing out a lot of assets for your man. It's the smartest thing to do if you're not married. And don't let all the hard work you've put into your good credit get flushed down the drain by someone who didn't find it a priority.

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My husband and i are buying a house in vegas soon (we live in california right now) and we have 17k saved but if we use it all for the down payment we might be left with nothing in our bank. we are also going to have to find a job right away just to pay the first months payments. we want to avoid all that so we were wondering if we could get a personal loan for the down payment and if that would affect the amount we were pre-approved for. any personal experiences?

No, you cannot get a loan for the downpayment. The bank will want to see where the downpayment money is coming from in order to ensure that the downpayment is not coming from a loan.

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What happen with the senate mortgage rescue plan? was that a new plan create for first time home buyer's? i'm getting ready to buy my first home i was pre-approve for a fha loan of 180k do you think any of this will affect me. i have a good job and the 3% down, and my credit score is 710

Perhaps. No one knows for sure from one day to the next. Some lenders will take a loan all the way up to the day before closing, then decide not to fund it. Your situation doesn't sound like you would have any issues. Best of Luck!

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Hello, we are going to be buying our first house at 23. we are both completely ignorant to the process. this is what i have gathered so far: 1) get pre-approved. will this give us the option to obtain the mortgage with whoever we want or will he be locked into one lender? how likely is this pre-approval to get "readjusted" as we go on? 2) look for houses. what is the difference between buying regular, hud, foreclosed, or short sale homes? we live in an area where almost every house for sale is a short sale or foreclosed; does this affect us? what should we avoid? 3) hire an inspector. if there are any issues with the house (electrical, plumbing, etc) is it the current owner's job to fix it or we simply decide if we want to take the risk of buying a house with problems? of course, we would prefer to buy a house that has a clean inspection, but i don't know how specific these inspections get. 4) should we have a realtor? how does this work? sorry if these questions are too broad or seem redundant, but i want to make sure this is done right. we have good credit, no blemishes, and make good, steady money (and have for the last 1.5 years since we moved to the area). sounds like it's better to stay away from foreclosures, short sales, etc. what about hud? and is there any recourse if the inspector doesn't find or note something, so we buy the house, then find out about the problem after the fact? @ "noodle:" emphasis on "renting" lol

1) You are NEVER locked into one lender until you sign the papers to buy a house. Since it is called a "pre-approval" and not an actual approval, of course this can change as the lender validates the information that is provided. 2) The process for getting an offer accepted for a short sale or foreclosure is measured in MONTHS, not days as with a traditional sale. So you can put in an offer in June and not hear another word until September.....or longer. You need to be aware of houses that are trashed by the former owners. 3) You can ASK the owner to fix any issues, but they are under no obligation to do so. Make sure you make your offer contingent on an inspection, so you can back out if you find something wrong. HOWEVER, when dealing with short sales and especially foreclosures.....expect almost nothing to get fixed. 4) YES YES YES Edit: I would personally say that short sales are MUCH better than foreclosures (generally). You might find a great deal on one (I did). Foreclosures are often MUCH more scary. As for the inspection, this falls under the "Buyer Beware" doctrine. Houses are bought "As-is". You are the one who hires the inspector, so if he misses something it is ultimately your fault since you hired him. HUD homes can be just as bad as forclosures...be leary of them.