Here’s why your lender could deny a home loan after it’s been approved after pre-approval.
A lender will still require more information about you. Depending on what they find out, they may or may not proceed with your home loan application.
Here are some scenarios. One, within three months that your pre-approval is effective you switch jobs.
Two, you took on a personal or a car loan.
Three, the lender discovered information that was not previously disclosed.
So, to ensure that you get to the finish line, which is receiving the lender’s formal approval, be sure to work with a trusted mortgage broker.
Take advantage of all their expertise and be on your way to buying your dream home.