Could we lose a pre approval on a mortgage because of a slow week at work?
We had gotten a pre approval on a new construction from the builder’s lender. We are now about a month away from closing and the lender needs updated pay stubs and bank statements. The only change from the original paperwork submitted is that my husband had a few slow days at work plus had to take a few unpaid days off which meant a smaller paycheck. Things did pick up big time for him but we can only show one “good” paycheck as the other good one will come after we need to have all the paperwork over to the lender. So we’d have to submit a “bad” paycheck and a “good” paycheck. Can this affect our loan? Could we lose the house over this?
I have been Pre-approved for a home loan. I understand that a pre-approval does not actually mean that I am completely approved to receive the loan, but it looks good during the house hunting process. I was Pre-approved by the lending company that I was referred to, by the builder of the homes that my wife and I are interested in. We know which house and what upgrades want, but we are still a little unsure of how this process works. What happens now?
Do we contact the builder and pick our colors for everything and start construction on the house? Again, we are unsure and it is late at night right now so I can’t call and question the lender so I turned to Yahoo Answers once again!