Re: How accurate are brokers/lenders?
Originally posted by jrp32
I'm curious . . . when a mortgage broker sends your information to a lender, and that lender responds stating they will give you a loan for this rate, with this much down, etc., how accurate is that?
In other words, is that pretty much saying that unless something drastic changes, you are good to go for the loan? Or, does someone else need to make a decision on it?
In most cases once you get an approval from a lender then you are basically good to go. The major caveat being that the underwriter has the absolute final say and the underwriter doesn't get involved until the very end. Usually the underwriter will approve the loan as well, but I have seen and had cases where the underwriter did take an approved loan and deny it. If the borrower can correct why then the loan will be approved.
Hope this helps.
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