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What happens if red flags are noticed after being preapproved for a mortgage

 
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Asked by

Lemuel


Hi! What happens if red flags are noticed after being preapproved for a mortgage?
0     In Mortgage Cont.09

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    Q. When preapproved for mortgage do they recheck employment?


    "To you 3 months prior your actual loan application and your financial consideration may..."



    ON Canada, lenders would check employment prior to closing to confirm if you still have a job. The pre-approval may have been issued to you 3 months prior your actual loan application and your financial consideration may have changed by then. This is standard procedure and is practiced by all lenders I deal with.

    This answer closely relates to:
    • Red flags for auto loan approval
      • How many credit check will be run prior to home loan approval?
      • What does prior to closing entail on conditional approval?

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    Can you help us by answering one of these related questions?
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