Define Mortgage Approval

by Disappointed Home Buyer
(USA)

Kate, Can you please define mortgage approval? I was all set to close on a deal of a house but to my surprise I was denied because there were not enough comparable properties. They needed to find 3 similar homes that was sold in the last 12 months.

My question is how will they ever find comparable homes if they don't sell to someone.

I was so disappointed. Could not understand this situation. Thank you for listening.

Kate Answers: Define Mortgage Approval

Dear Disappointed Home Buyer, Thank you for contacting Get-Your-Best-Mortgage-Rate.com.

I have answered your question about losing mortgage approval at the last minute. I hope you'll come back to my website again in the future. Of course, all of my information is free.

Best Wishes,

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P.S. You can also invite friends to comment on this page, Define Mortgage Approval.

P.S.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

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You can also ask Kate about your mortgage at Ask Kate About Buying a House.

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