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Conference 7.286::dcu

Title:	DCU
Notice:	1996 BoD Election results in 1004
Moderator:	CPEEDY::BRADLEY

Created:	Sat Feb 07 1987
Last Modified:	Fri Jun 06 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	1041
Total number of notes:	18759

632.0. "Does DCU still offer pre-approvals for mortgages?" by TOOK::MORRISON (Bob M. LKG2-2/BB9 226-7570) Mon Jan 04 1993 17:01

  About 4 years ago, someone wrote in the Real_estate conference that DCU
was offering pre-approvals of mortgages for $50, which is much less than
the application fee for a mortgage. Does anyone know if DCU still offers pre-
approvals in this price range? I am planning to call DCU and ask, but I am
asking here too, in case I don't get a straight answer on the phone. (If I
do get the answer, I will post it here.)

T.R Title User Personal
Name Date Lines

632.1 TLE::COLLIS::JACKSON Jesus is the reason for the season Tue Jan 05 1993 09:33 27

T.R	Title	User	Personal Name	Date	Lines
632.1		TLE::COLLIS::JACKSON	Jesus is the reason for the season	`Tue Jan 05 1993 09:33`	27
	I bought a house 1-1/2 years ago through DCU and have heard of some other DCU house buying experiences. DCU does indeed offer "pre-approvals". What this means in DCU-speak is that you give them a lot of information about yourself, your financial condition and the house you are interested in buying and they will get back to you within a day or two to tell you whether or not you are "pre-approved". (I did this once.) You can also get a "pre-approval" where they will figure out how much money you can borrow for an appropriate house. (I did this twice.) What do the pre-approvals mean? Not a whole lot. They still have to dot every i and cross every t (which, in my experience, is not an easy task for DCU to complete). Even after they get every single piece of information that they need and it checks out, they can still deny the loan. This happened to a friend when DCU arbitrarily chose to change their minimums for his special situation right when they should have been signing their names on the loan documents. I know nothing of "pre-approvals" at other institutions and so do not know what guarantees those pre-approvals have. Collis

I bought a house 1-1/2 years ago through DCU and have heard
of some other DCU house buying experiences.

DCU does indeed offer "pre-approvals".  What this means in
DCU-speak is that you give them a lot of information about
yourself, your financial condition and the house you are
interested in buying and they will get back to you within
a day or two to tell you whether or not you are "pre-approved".
(I did this once.)

You can also get a "pre-approval" where they will figure out
how much money you can borrow for an appropriate house.  (I did
this twice.)

What do the pre-approvals mean?  Not a whole lot.  They still
have to dot every i and cross every t (which, in my experience,
is not an easy task for DCU to complete).  Even after they get
every single piece of information that they need and it checks
out, they can *still* deny the loan.  This happened to a friend
when DCU arbitrarily chose to change their minimums for his
special situation right when they should have been signing their
names on the loan documents.

I know nothing of "pre-approvals" at other institutions and so
do not know what guarantees those pre-approvals have.

Collis