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,

Ask Kate how to get the best mortgage rates
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