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Saturday, May 04, 2013

Are all pre-approvals created equally?

On the surface one would think a pre-approval for an FHA mortgage from one lender should be no different than with another lender, right?

I  recently had a home buyer switch lenders during the mortgage process (after the target property was found).

It was a necessary move.

As closing got nearer I heard the "new" lender say something resembling “I wonder what so and so used to determine the pre-approval amount.”

Are the standards different from lender to lender?   Just wondering….

I always recommend buyers investigate mortgage products at their normal banking institution whether credit union, bank or whatever.   Going where they know you is always a good starting point.

Then you can compare products later.

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