Can I Be Denied a Mortgage Loan After Being Pre-Approved?
Sunday, August 4th, 2024Reader question: “I’m hoping you can settle an argument for me. I was pre-approved for a mortgage loan about 10 days ago, and we are now starting to look at houses for sale. My husband said we have to be careful what we do with our finances because we can still be denied for the loan, even though we’ve already been pre-approved by the lender. Is this true? I thought the difference between pre-qualification and pre-approval was that the latter was more set in stone.”
I hate to be the cause of any marital discord, but your husband is right on this one. You can certainly be denied for a mortgage loan after being pre-approved for it. The main difference between pre-qualification and pre-approval has to do with the level of scrutiny — not the level of certainty. (more…)
