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How long does pre approved last?

Member

How long does pre approved last?

I am looking to buy in October and wondering when I should get preapproved and how long it lasts and if they will have to pull again?  Any information would be greatly appreciated.
Message 1 of 7
6 REPLIES
Established Contributor

Re: How long does pre approved last?

Most are good for upto 1-2 months from app. If you are buying in Oct, I wouldnt recommend one right now to avoid second pulls later on..

Message 2 of 7
Frequent Contributor

Re: How long does pre approved last?

I was told that most will pull right before closing to see if you have entered into any debt that effectts your dti. I know of someone who stupidly went out and bought a car a week before closing, the inquires were there so they had to explain them and their closing was cancelled. They lost all of their money that they had in the deposit, apprisial, inspection, ect
Message 3 of 7
Senior Contributor

Re: How long does pre approved last?

Some will tell you to wait.  If you are unsure of how much you can qualify for or if you can qualify then it coudl be worth it.  Better yet, take your own copies of your reports pulled from here to a broker and see what they say.  they may have suggestions that you can work on over the next couple months to be in a better position when it come time.   
Message 4 of 7
Established Contributor

Re: How long does pre approved last?

We were told 120 days.
Message 5 of 7
Senior Contributor

Re: How long does pre approved last?

In reality, a pre-qual or pre-approval only lasts as long as your credit/job situation stays stable and the mortgage market does the same.  Right now, that can be much less than 120 days....or even 30 in some cases.  All they are are guidelines as to what you should, under that days circumstances, be able to get approval for.  In reality, they don;t mean a whole lot in a market as volatile as this is (although s full pre-approval does give you more bargaining power)
Message 6 of 7

Re: How long does pre approved last?

Our mortgage banker told us when we get pre-approved it would be good for 30 days. We're waiting to the exact right time.
Message 7 of 7