Hey everyone… I got pre-approved by my mortgage broker and was told I could start making offers. I paid for several inspections, an appraisal, and even set a closing date. But then, during underwriting, the bank found an issue with an account I’m a co-signer on—there was one deferred payment, but no credit dings. So now I don’t have a full 12 months of non-missed payments. Why would the broker let me invest so much money into this without being sure I was actually approved? Can I get reimbursed for all this? This feels really shady to me.
I work as an account executive for a lender, and I see this happen a lot. It’s frustrating! You might need a non-occupant co-signer to help you qualify.
Pre-approval is different from underwriting, though. They can miss things in pre-approval that come up later.
That’s tough! It sounds like the broker should have caught that sooner. Did they explain the process to you?
Amos said:
That’s tough! It sounds like the broker should have caught that sooner. Did they explain the process to you?
Not really. It feels like the whole viewing, offer, inspection, and appraisal process is out of order.
I totally get why you feel this way. It’s a lot of money to invest without solid approval. Have you talked to the broker about reimbursement?
It might be worth consulting another broker or a financial advisor for a second opinion.