Pre-approval Loan Impression

 

Pre-approved Loan: Pre-approval means you should be able to get the loan as long as nothing changes about your financial situation or your credit score. A pre-approval letter helps when you want to compete with another buyer for a home you like.

Pre-approval Loan affect financial position: Pre-approval is based on the information given at the time of your application. Any changes, like getting a different job or taking out a car loan and the other loans, can result in rejection of the loan request when you go to purchase a house. Example:

  • Buy a big-ticket item: a car, an expensive piece of furniture etc.
  • Quit or switch your job
  • Open or close any lines of credit
  • Pay bills late
  • Ignore questions from your lender or broker
  • Let someone run a credit check on you
  • Make large deposits to your accounts outside of your paycheck
  • Cosign a loan with anyone
  • Change bank accounts
  • Take out any payday loans

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