What is a verified mortgage approval?
A Verified Approval Letter is a document showing that your income, assets and credit have been verified by the Rocket Mortgage® underwriting team. With a VAL in hand, you'll have a competitive advantage by being able to show the seller that your finances are secure.
Verified Approval Letters can help home buyers get their offers accepted because they provide sellers with confidence in a buyer's financing. We strengthen your offer by verifying your credit, income and assets with documentation you send to us. These documents help us determine how much home you can afford.
Without knowing the purpose of the form and without seeing it, Approved By is the person who approved the form for use. Verified By is the person that checks the information on the form to ensure it is complete and accurate.
Although you may hear the terms used interchangeably, a verified pre-approval letter (VPAL) is different from a basic mortgage pre-approval. While a pre-approval may rely on verbal and written estimates, a verified pre-approval requires more thorough documentation of your finances.
On average, it takes 7-10 days to get a pre-approval, although in some cases it may take less time. To speed up the home loan pre-approval time, you should gather your financial documents that the lender will require (e.g., W2s, proof of income, tax returns, etc.).
What happens after the Verified Approval Letter? Once you have the VAL, you're on your way to homeownership. A seller, REALTOR® or other real estate agent will recognize that you've put in the work and are a serious home buyer. This can help your bid stand out in a competitive real estate market.
Mortgages can get denied and real estate deals can fall apart — even after the buyer is pre-approved. If you're aware of the pitfalls, you'll reduce the chance it can happen to you! Keep reading to learn the most common reasons mortgages get denied after pre-approval.
Verified application means an affidavit signed by the applicant attesting to the truthfulness and completeness of the application and includes an oath that applicant will conform to ethical professional standards and obey the laws and rules of the Board.
Verified badges confirm that a notable account is the authentic presence for that person or brand. Meta Verified is a paid subscription that confirms the account is validated and authentic. This subscription comes with a bundle of features and benefits available for both eligible profiles and eligible businesses.
In simple terms, authentication is the process of verifying who a user is, while authorization is the process of verifying what they have access to. Comparing these processes to a real-world example, when you go through security in an airport, you show your ID to authenticate your identity.
Does pre-approval mean you get the mortgage?
Getting a preapproval letter isn't the same thing as applying for a loan. A preapproval letter just says that a lender is willing to lend to you – pending further confirmation of details. A preapproval helps you shop for a home, because it lets the seller know you are a serious buyer.
Pre-approval is a simpler process that involves a preliminary review of the borrower's financial information to determine the maximum loan amount they can qualify for. Pre-approval does not involve a full underwriting review and does not guarantee loan approval.
A commitment letter from a lender is prepared by an underwriter after thoroughly looking over the borrower's pre-approval application. This letter is official proof that you're going to get a loan.
You can make an offer on a house that goes beyond what your preapproval letter will cover, but you will be expected to make up the difference out of pocket. If you can't increase the size of your down payment, then you can't make an offer that goes beyond your preapproval.
Verified Preapproval Letter
You'll be required to provide documentation about your financial history up front. This allows us to confirm the information in your application and give you a letter that includes the amount you are approved to borrow and states that your income, assets and credit have been verified.
From application to approval and closing, getting a mortgage can take anywhere from 30 days to 60 days. However, some home purchases can take longer, depending on factors unique to the purchase transaction and the home loan processing time.
Let's discuss what underwriters look for in the loan approval process. In considering your application, they look at a variety of factors, including your credit history, income and any outstanding debts. This important step in the process focuses on the three C's of underwriting — credit, capacity and collateral.
How long does the underwriting process typically take? Underwriting can take a few days to a few weeks before you'll be cleared to close.
Most people go through six distinct stages when they are looking for a new mortgage: pre-approval, house shopping, mortgage application, loan processing, underwriting, and closing.
How often does an underwriter deny a loan? A mortgage underwriter typically denies about 1 in 10 mortgage loan applications. A mortgage loan application can be denied for many reasons, including a borrower's low credit score, recent employment change or high debt-to-income ratio.
Will I lose my deposit if I am denied a mortgage?
After the offer is accepted, the buyer proceeds to apply for a mortgage. If the buyer fails to secure financing within the defined contingency period—due to low credit score, changes in employment status, or other reasons—they can cancel the contract without penalty, and their earnest money deposit is returned.
| Loan program and purpose | Closing rate |
|---|---|
| Conventional refinance | 79% |
| Conventional purchase | 80% |
| FHA refinance | 65% |
| FHA purchase | 78% |
Verified status means that Twitter staff have authenticated the identity of the owner of a user account. Verification prevents the impersonation of politicians, celebrities, etc.
While BeenVerified can provide valuable insights, it's important to note that the comprehensiveness and accuracy of the search results may vary. The availability and depth of information can depend on various factors, such as the jurisdiction and the accessibility of public records.
Start the process of getting your Instagram account verified
The review process takes up to 30 days, but you'll want to devote a lot of time to ensure that you're building up your influence on your account to ensure that your verification process runs smoothly.
