How Long Does a Preapproval Last?
In this article we will be detailing out the beginning stages of the home purchase process and the first step in working with a mortgage company – the preapproval.
Buying a home is an exciting process whether it is your first home or moving into a larger home. A lot of consumers need a mortgage to make this happen so the very first step even before you start touring houses is to speak with a mortgage lender to see how much you are qualified for. In this discussion your mortgage lender will ask you questions about your current housing, your employment history and income and how much money you have available for the purchase. They will also need to pull a credit report to determine our credit score and credit worthiness. From this information a preapproval letter will be issued stating what you can qualify for.
Typically, a real estate agent your select will want you to be pre-approved so they are comfortable they have a qualified borrower and are looking in the right price range.
A preapproval is only good for 90 days from the date it is issued. The underlying reason is the credit report which is used in conjunction with it is only good for this time and if it goes beyond it a new credit report will need to be pulled as new debt or other credit history will probably have happened.
As always, working with a qualified mortgage professional is critical. Work with a Hall Financial Loan Officer to gain the best possible service and advice.