Home Loan Pre-Approval
Posted: Wed Apr 14, 2010 9:09 pm
Hello,
Three weeks ago my partner and I were pre-approved for a home loan for the amount of $500,000 including mortgage insurance. Since this time we have found a property and have submitted an application for formal approval, the bank has approved our application, however the mortgage insurer has said we now have to pay the total amount of mortgage insurance. This was not allocated in our budget and at $16,000 is a large sum to come up with in a short period of time.
We have a good history with the bank, i.e. have had a number of loans and have always paid on time, we have both been with our current employer for 5+ years, had a 5% deposit which was a gift and further genuine savings. We have also been renting for the past 3 years and rental ledgers indicate that our rent has always been paid on time.
Can you please advise if there is anything we can do? Should we put our case to the bank Branch Manager to see if they can do anything? It is very disappointing that our pre-approval is no longer approved within a matter of three weeks even though our financial position is the same.
Any advice would be greatly appreciated.
Kathryn
Three weeks ago my partner and I were pre-approved for a home loan for the amount of $500,000 including mortgage insurance. Since this time we have found a property and have submitted an application for formal approval, the bank has approved our application, however the mortgage insurer has said we now have to pay the total amount of mortgage insurance. This was not allocated in our budget and at $16,000 is a large sum to come up with in a short period of time.
We have a good history with the bank, i.e. have had a number of loans and have always paid on time, we have both been with our current employer for 5+ years, had a 5% deposit which was a gift and further genuine savings. We have also been renting for the past 3 years and rental ledgers indicate that our rent has always been paid on time.
Can you please advise if there is anything we can do? Should we put our case to the bank Branch Manager to see if they can do anything? It is very disappointing that our pre-approval is no longer approved within a matter of three weeks even though our financial position is the same.
Any advice would be greatly appreciated.
Kathryn