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is full approval binding for the borrower? 
20th-Aug-2009 03:31 pm
hand
Hello. Is getting a full approval means a commitment for the borrower?
Comments 
20th-Aug-2009 03:46 pm (UTC)
If you mean pre-approval from a lender, no, it is not binding as in required that you use that money. It is only a note to let you know that you are pre-approved for a loan up to that amount. It is not binding to the lender, either - they can change their minds too, if you lose your job or rack up a bunch of debt before the loan closes.
20th-Aug-2009 06:50 pm (UTC)
Thank you, No, I mean full approval, not preapproval
20th-Aug-2009 05:09 pm (UTC)
there may also be a time-limit on the approval. read it carefully for details. another hint, you're better off asking your loan officer to write a pre-approval letter specifically for any house you'd like to make an offer on....that way, they don't have to 'give-away' the amount you're actually approved for if it's more than what you're offering. ;)
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