How often is a mortgage loan denied even if it is prequalified?
Here’s the cliff notes…we pre-qualified for our mortgage loan with a local bank and upon the advice of our realtor once we found our home we decided to go with Wells-fargo. With wells fargo we couldn ‘t even get pre-qualified…not sure why because our scores ranged from 680-720.
We talked to the banker at the local bank and he put our pre-qualification through, now we are waiting on it to go through underwriting. This is our first home purchase so I’m a little nervous now that we are in a signed agreement with the seller. Is it normal to go through underwriting and could the pre-qualification fall through still? I worry because I don’t want to spend more money on inspections and what not for the house if it’s going to fall through.
I’m new to the whole process and I’m not very good at waiting…if anyone has any help or advice they can give on the home purchasing process it would be greatly appreciated!