Preapproval versus Approval

Just when you thought you had a handle on everything, we throw you a curve ball. Yes, there is another round of approval/qualification. After you have visited homes, made an offer, and had your offer accepted, you will need to get full approval for your loan. Most of the approval documents requested are to update the account, get final verifications, and make sure anyone reviewing has al the documentation they need. For full approval, you will have to provide more recent paystubs, bank statements to show you funds for closing, and letters of explanation for anything that needs explaining from your credit , income, or debts. When underwriting does their final review, they may uncover something new that requires extra documentation.