Interesting points raised here. I've always wondered—doesn't it depend heavily on the seller's situation too? When we bought our place, the seller was in a hurry to move out of state, and they seemed way more interested in how quickly we could close rather than whether we had a formal pre-approval letter. We did have one, but honestly, they barely glanced at it.
On the flip side, when refinancing recently, I noticed lenders can be pretty unpredictable even after pre-approval. Things pop up during underwriting that no one anticipates. So maybe the real question is: how much weight should buyers (and sellers) really put on pre-approvals if they're not guaranteed anyway? Seems like it's more about trust and timing than paperwork alone...
Yeah, you're spot on about lenders being unpredictable. When we refinanced, everything looked perfect until underwriting randomly questioned a tiny gap in employment from years ago...felt like they were digging for drama. Definitely makes you wonder how solid pre-approvals really are.
Pre-approvals are helpful, but honestly, they're never a guarantee. I've bought twice now, and both times underwriting threw curveballs at me:
- First time, they questioned a small freelance gig I did years back—had to dig up old invoices and emails to prove it wasn't shady.
- Second time around, they randomly flagged a $200 Venmo transfer from my brother as suspicious income. Seriously?
My advice: always have your paperwork ready and organized, even stuff you think they'll never ask about. Pre-approval gives you a good starting point, but lenders can (and often do) find something unexpected to nitpick. If you find your dream home first, just be prepared for some scrambling...but it's doable if you're organized and quick on your feet.
Totally agree about pre-approvals not being bulletproof. I've had similar experiences myself:
- Underwriting once grilled me over a $150 birthday check from my grandma. Had to get her to write a letter confirming it was a gift and not some secret income stream (really?).
- Another time, they questioned a gap in employment from six years earlier—I took two months off between jobs to travel, and suddenly I had to dig through old emails for plane tickets and hotel receipts.
One extra tip I'd add is to keep your credit usage stable during the approval process. Even small changes—like opening a new credit card or financing furniture—can trigger red flags and delays. And if you're house hunting without a pre-approval, at least have your financial docs ready to go ASAP. Sellers often prefer buyers who can move quickly, so being organized might give you an edge if you're winging it.
Good points on keeping credit stable, but honestly, winging it without pre-approval can be riskier than it sounds. Sure, having your docs ready helps, but sellers usually want more than just quick paperwork—they want certainty. I've seen deals fall apart because buyers thought they were good to go, only to find out later their debt-to-income ratio was off or their credit score had dipped slightly.
If you're seriously house hunting, I'd suggest at least running your numbers through a mortgage calculator and pulling your credit report beforehand. Even better, talk informally with a lender to get a rough idea of what you qualify for. It won't guarantee smooth sailing (as we've all seen with underwriting nitpicking every little detail), but it can save you from heartbreak if you find your dream home and then realize financing isn't as straightforward as you assumed. Just my two cents from experience...
