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Discussion Starter #1
WE GOT OUR HOUSE!!! Offer was accepted this am and we are thrilled!!

Heres my ques: we have already been pre-approved by a reputable mtge broker and the offer was based conditional on financing and home inspect. -- we didn't hide anything and were completely honest in our income, etc. -- is there any way that we won't get a mtge, even though we have been pre-approved?

For some reason, more often then not things never seem to go our way when it comes to things in life and I am left with a nagging feeling that all of a sudden the Real Estate Gods will turn against us and we won't get a mtge!!??

I know it may sound stupid but this is all very new to us!

Pls help!
 

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IMO you have no need to worry since you were pre-approved for a mtge. Were you pre-approved for the correct amount in question? It's good to bid less but more may not be accepted. That's about the only thing I can see that would get in the way.

About all that any of us here can do is tell you not to worry but ultimately it's the lender who has the final say/confirmation.

For the record, I completely understand why you're worried. Sounds like life has thrown you more than your share of curve balls. :)

You'll be fine. Be excited!
 

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Discussion Starter #3
IMO you have no need to worry since you were pre-approved for a mtge. Were you pre-approved for the correct amount in question? It's good to bid less but more may not be accepted. That's about the only thing I can see that would get in the way.

About all that any of us here can do is tell you not to worry but ultimately it's the lender who has the final say/confirmation.

For the record, I completely understand why you're worried. Sounds like life has thrown you more than your share of curve balls. :)

You'll be fine. Be excited!

We are def excited for sure!
As far as what we bid, before we went with our bid we contacted our broker, explained the place and the list price and then asked: what is the max we can bid? She told us after she ran the numbers and said this is how high you can go - as it turns out that high number is what got us the place since we ended up in a bid-war with another offer.
 

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A little second guessing is normal.

Negotiate everything mortgage rates, mortgage fees. Once you have been approved you will get approved anywhere just get up and walk you can always come back.
 

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Discussion Starter #5
A little second guessing is normal.

Negotiate everything mortgage rates, mortgage fees. Once you have been approved you will get approved anywhere just get up and walk you can always come back.
No but my fear is not being approved - the fear is that although we have been approved, will we be able to get a mortgage?? I know it may sound stupid but I think of everything that can go wrong in big decisions like this.
 

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AFAIK there is one more hurdle to cross: the bank has approved you for a certain mortgage amount based on your income/credit; they now need to appraise the property to ensure the collateral is there. If you bid too aggressively or if problems crop up (e.g.: history of being a grow-op) they may decide the property isn't worth the mortgage being written against it, and you'll have to cover the difference between what they will lend and what your bid was, either with a second mortgage or with your downpayment, or not waive your financing condition and back out of the deal.

Again, AFAIK, this is quite rare -- it's not often that people with get approved for $400k and then run out and bid up a house that would usually sell for $300k right to their maximum. I swore I read an article about a couple being denied financing for being overzealous in a bidding war and the bank not supporting their valuation this past summer, but a google search couldn't turn it up for me. Anyhow, if my memory can be trusted, it's rare enough that it was newsworthy.
 

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They will move from approval to fees very quickly. That's when the negotiating begins. Property Assessment $300 get it for max $150 put push for zero. Interest rate get .5 discount. The law stops the bank from offering it put it's available if you ask.

Remember the bank needs you and you have options.
 

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I wouldn't worry too much. Even if there is some reason the deal can fall through there probably isn't much you can do about it now.

Also - you can still shop around for mortgages - you might get a better deal.
 

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Discussion Starter #9
I wouldn't worry too much. Even if there is some reason the deal can fall through there probably isn't much you can do about it now.

Also - you can still shop around for mortgages - you might get a better deal.
True.
We have not lied about anything and even if we tried to cover up, lets say our line of credit - they would find it anyway when they did a Credit Bureau Check.

I guess I just have to tell myself that the Mortgage Broker approved us and we went with exactly what she provided to us, not a penny over - a broker wouldn't approve someone if the bank or lender wouldn't back them up. They also want to be paid lol!

I am just a worrier, can U tell..?? LOL!
 

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True.
We have not lied about anything and even if we tried to cover up, lets say our line of credit - they would find it anyway when they did a Credit Bureau Check.

I guess I just have to tell myself that the Mortgage Broker approved us and we went with exactly what she provided to us, not a penny over - a broker wouldn't approve someone if the bank or lender wouldn't back them up. They also want to be paid lol!

I am just a worrier, can U tell..?? LOL!
Your first time so worrying it natural. Unless there is an issue with the property all should be good.

For all kinds of reasons the broker would not have submitted the deal unless they felt it would be approved. Please let us know how it works out.
 

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Discussion Starter #13
LOL - once I get the approval from our mtge broker then I will everyone know. Until then almost sick since I haven't heard anything.
GOT IT!!! Financing was approved!!
GOT the call earlier today and just been so busy with work just now getting time to post in here LOL!

We got a 2 bedroom condo in Burlington - newer bldg, near the 403. VERY excited and a little nervous but I guess thats to be expected. So glad to finally get our own place - something to call ours.

Now all that is left is to sign off the mtge papers and then on closing date go to lawyer and pay his fat bill for doing basically nothing (I picked the wrong line of work).

Anyways - OUR SEARCH IS DONE!!
 
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