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.

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I have been pre-approved for a home loan. i have not found a house yet. i want to consolidate my credit card and personal loans into one loan. i didn't want to exonerate my home loan approval.

This depends on a number of factors. First your pre-approval was determined on the state of your credit report at this time. You approval depends on your debt/income ratio and your credit history. It takes into account how many cards you currently have an obligation to repay. Often creditors like to see you having cards and how well you handle them, but too many obligations could scare them off. If you are simple consolidating into one loan, without adding to your overall debt to income ratio, then I see no reason this should harm you. If you are considering taking out more credit, then it would hurt you. However, if you could wait until escrowww closes, I think this would be a safer option. Usually it takes 30 days to close escro on a home purchase. I would get out there and find the house I wanted and close escro, then consolidate cards and other debt into one loan. I think it would also be easier to do so when you have purchased a home. It is always in your best interest credit wise to own rather than rent. When you own you are creating more assets in the form of equity. Lenders like to see your overall financial state and building equity is rather like money in the bank. I suggest you seek out a financial adviser, pay the fee for a professional opinion and not rely on what is written here. I wish you all the best life has to offer.

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I want to buy a home but i would like to know how much i can get approved for before i start looking. i also want to be able to do it on line

May be this site can help you http://www.thetechnology.net

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i have explained this to hundreds of folks over the years, while u r in the process of trying to buy a home DO NOT TAKE ON ANY ADDITIONAL DEBT OR CREDIT CARDS DO NOT HAVE ANY MORE CREDIT CHECKS DONE, IT IS IMPERATIVE THAT U UNDERSTAND 48 HOURS PRIOR TO CLOSING THE LENDER WILL REPULL YOUR CREDIT TO BE SURE U HAVENT MISSED A PAYMENT OR TAKEN ON A CAR PAYMENT OR OTHER SUCH DEBT. MESS UP AND THE LENDER CAN AND WILL KILL THE DEAL. now after the loan is closed do whatever u like but till then SIT STILL AND STAY PUT LOL. GL NOTE: A PREAPPROVAL IS JUST THAT A PRE APPROVAL, FINAL APPROVAL IS GRANTED BY UNDERWRITING WHEN THEY ISSUE A MORTGAGE COMMITMENT WHICH NORMALLY DOESNT HAPPEN UNTIL 48 HOURS PRIOR TO CLOSING, THINGS DO CHANGE AND THE LENDERS IN TODAY'S WORLD ARE WATCHING CLOSER THAN EVER.

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I have an appointment w/the family mortgage person today but i wanted to shop around as well. can we go see him today and submit the info and then go see another bank the next day? we are looking to own a house by a month or two.

Yep...you can get pre-approved (which is better then pre-qualified) by as many mortgage lenders as you want. It doesn't create a negative mark on your credit report. Unless you have very bad credit most lenders can preapprove you in a matter of minutes. Before asking for preapproval shop around for the best rates then follow through with the best deal.

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They only approved us for $97000 which is pathetic for my area. we have awesome credit and a down payment. they want us to put 20% down, which would equal out to less then we pay now for rent! my question is would we have better results going to a real estate agent and applying again? would we be able to get more? should we wait before applying again? will applying again lower our credit score?

Your results will be able the same, the amount you are allowed to borrow is based on your income, not credit or down payment.

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My husband and i just got preapproved for a mortgage with countrywide. we were told that the application fee is $450 when we actually do apply for the loan. does this seem right to everyone?

Hi Natasha, Congratulations on your mortgage preapproval! Countrywide is one of the MOST REPUTABLE lender's in the world and many of these broker's that are soliciting your business here (which is against the Yahoo! Answers guidelines as well) will most likely source your loan with Countrywide's wholesale division. First, I would work with Countrywide and ask them specifically what the $450.00 is for and if it is applied toward anything (such as the appraisal). Advise them that this is the highest "application fee" that you have heard of and see if they will reduce it; advising them that you have many options for lenders that you can work with. It is most important that you trust and like the individual you're working with and have good communication and understand everything in this process. If you don't - find someone - through the referral of friends & family of someone they personally have worked with & trust. I love Countrywide personally & professionally as they are honest, trustworthy and provide long term customer service.

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With just his income- it will be about 40k income. his credit is not great, but much better than mine. how much do you think we would be preapproved for?

You will not be on the deed, only him. Without knowing his debts and credit rating I am guessing 100-110k.

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My fiance and i are getting married in september but we have already been preapproved for a mortgage and have started searching for a home. however, we found out we weren't eligible for a specific program (i live in ri), though a few of our married friends were approved for the same one. we have 'excellent' credit scores and everyone we have talked to has told us they don't know why we werent eligible since this particular program, almost everyone is eligible for. our mortage lender told us it has to do with our debt to income ratio, too many open accounts, student loans, etc. but all our friends have the same type of payments, even more. my fiance thinks that because, on our application, we put that we are 'single', and that is why we were'nt approved for it. does anyone know if this makes sense at all?

Sometimes it does, You just have to shop around with different companies stay away from brokers, and some of those on line companies they stick you with major closing cost, and our bank was very hard and didn't want to give us much. Ask about first time home buyer programs in the area. My husband has the job but I have better credit and they approved him for the loan without me on it so maybe one of you needs to do it and see. Try the Mortgage Center, www.MtgCtr.com, they worked with us. Granted we are in KS. Good luck and happy house hunting!!

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I am currently working full time and have a downpayment saved but i'm priced out of the local housing market. i've applied to a master's program in another state where housing is cheaper. if i get in, i'll have a tuition waiver and a research assistantship (maybe $20,000 a year in income not including tuition waiver). since i'll be there at least 3 years, i want to buy a 3-4 bedroom house and rent the other rooms to roommates. could i get preapproved for a mortgage while i'm still working? can a full-time graduate student get a mortgage? will i need a cosigner even if i have savings and an income (albeit small)? thanks! i don't currently have any debt and probably won't need to take out any new student loans (between the assistantship and an americorps grant i have). plus my credit score is in the 700's.... i have my fingers crossed that i can get a mortgage with a decent rate.

The good news is yes you can! Any approval will be subject to credit profile, debt ratios and other factors. Most important factor will be the continuation of income. Most lenders assume 2-3 yrs so if you have a contract, all the more better, also, some lenders allow for border income as a means to offset the mortgage payment. If you are in the health profession, then there are additional programs available, and the good news goes on. Now for the bad...I can not address the tuition waiver..sorry, but if you have student loans outstanding, they'll need to be in deferement for 1-3 yrs so as not to be counted in your debt ratio. Rule of thumb is 38/41-45 with some conforming programs allowing as high as 65% back-end debt ratio. (total debt / by income) Your pre-approval with your current employer would in essence be worthless... especially if you are taking a pay cut. One scenario...would be a No-Doc loan, which is higher than a ful doc loan, but you do not have to verify..anything..no job, no employment, no assets...hence no lie! Best advise..check with a good broker in the area you are looking to move to, and ask which way is best...if he tells you to go stated income (lie) keep moving. Good Luck!

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I applied for an fha mortgage loan.. its is in underwriting right now and should have a yes or no tomorrow... but what are my chances of getting approve * i make about $27000 gross a year * my credit score is 655 * never made any late payments * first time home buyer * home is listed at 75,000 * ive been at my job for 4 years & will be getting another raise in sept of $200.00 on my salary! *i have a $500 car pymt, & a credit card with a balance of 3,800 pymts about $100 a month! my loan officer said everything looks good... but honestly im worried!

Honestly, you are way out of your league and price range if you do get it, and would not be surprised if you lose it within a year. Hate to sound negative Lets look at the numbers your gross take home every month is $2250 after taxes at best $1800. Subtract car and credit cards you are now at $1200. Lets take $100 in electric, $100 cable phone and internet, water sewer and garbage $75, ok you are at $925 a month. Gas and car insurance $100, We are at $825 a month left. Add food and entertainment cheaply $400 a month you are left with $425. Without any problem or sudden expenses (repairs) does that cover your mortgage and taxes and insurance? You really need to raise your income substantially before you take on an endeavor such as a home. Just knocking you just trying to make you aware of what is involved in ownership. Before you end up losing what you have worked so hard for. Just being realistic.