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Established Member
reformedfamilyman
Posts: 51
Registered: ‎02-04-2008
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How long is pre-approval good for?

I'm not planning to buy until June/July/August but if I applied for a mortgage and received preapproval, how long would it be good for in general? What are the standards? I'd like to apply as early as I can and it still be good when it's time to buy.
 
 
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sunrise
Posts: 430
Registered: ‎10-28-2007
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Re: How long is pre-approval good for?

[ Edited ]
They are usually good for 90 days.  After they expire, you will have to re-qualify.  This usually means a new credit pull, etc.  I would check w/ the lender to be for sure.
 
This happened in my case last year on an investment property.  We were pre-approved and the home took forever to negotiate a deal on, we had to re-qualify after the initial 90 days!:smileymad:
 
 


Message Edited by sunrise on 02-05-2008 06:20 AM
takin' it one day at a time
Established Member
reformedfamilyman
Posts: 51
Registered: ‎02-04-2008
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Re: How long is pre-approval good for?

I've been planning to apply on June 1st because it seemed reasonable to apply then, be approved in a week or two, and then start looking. Our lease is up at the end of August but I would be happy to move anytime in July or early August, to make moving out more relaxed for all of us since I work 6 days a week and my wife will be about 7 months pregnant and we have 3 young children. She would prefer being approved on June 1st and moving in on June 2nd. :smileyvery-happy:
 
I'll just continue with that plan, then. Thank you for your help! I definitely don't want to go through that twice.
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sunrise
Posts: 430
Registered: ‎10-28-2007
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Re: How long is pre-approval good for?

 
You can start shopping around for a good realtor now, and also try to figure out exactly what you want in a home and where you want to purchase a home. (school districts are a big deal here where we live)
 
Open houses, on the weekends are a good place to start.  You can meet realtors and get a feel for what you get for your money. 
 
This way in June, when you get your pre-approval...you kind of have a feel for things,and aren't too overwhelmed!   
 
Good luck with all this, and especially the pending arrival of your new bundle of joy!!:smileyvery-happy: 
 
takin' it one day at a time
Established Member
reformedfamilyman
Posts: 51
Registered: ‎02-04-2008
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Re: How long is pre-approval good for?

Thank you!
 
My wife emails me links of homes at work all the time from www.prudentialproperties.com. I have a feeling that when the time comes, she'll have all of that figured out. There are a few homes that she emails me with every day and she shows me every night. She gives me updates on which have lowered prices and market trends and interest rates.
 
I thought she was a little premature but I see that she's just on top of things. :smileywink:
 
I'll definitely look into getting a realtor soon though. Thank you. :smileyhappy: I have a few realtor friends but I'd prefer a stranger. I'd like to be able to get mad if they're dropping the ball on something. I won't feel so comfortable doing that if it's a friend.
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Lady_Scarlet
Posts: 2,385
Registered: ‎09-10-2007
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Re: How long is pre-approval good for?

[ Edited ]
I can help with the realtor when you are ready.
 
Tell her to try Realtor.com instead of Prudential - Prudential use to only have their own properties on their national site - this may have changed though if they are now receiving from realtor.com
 
If you are anywhere around DC, MD, VA, WV, parts of PA and DE - I can set up the search for you (using more specific criteria) and have things emailed to you (saves wading thru everything you saw yesterday to find out there is nothing new) - this would feed from the local database. (Ask Illecs - he's getting this).


Message Edited by Lady_Scarlet on 02-05-2008 11:03 AM
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tryingtogetitrightnow
Posts: 201
Registered: ‎01-30-2008
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Re: How long is pre-approval good for?

I'll be able to qualify for a mortgage in August, but I was thinking about waiting until December or January to buy since I've been told homes are usually more expensive in the summer and cheaper in the winter. Is that true?

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Lady_Scarlet
Posts: 2,385
Registered: ‎09-10-2007
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Re: How long is pre-approval good for?

The market is slower after school starts - people want to be set to place their children in a new scool for the entire year.
 
Sellers may 'negotiate' more depending on their reason for selling. Negotiation is not just price but ALL TERMS of the contract.  They may still want thier price but are now willing to pay closing help etc.
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tryingtogetitrightnow
Posts: 201
Registered: ‎01-30-2008
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Re: How long is pre-approval good for?

Thanks Lady_Scarlet!! I'm eligible for the VA loan and am planning on using it since I would prefer to go zero down. I've heard that sellers don't really like to sell to buyers who are using VA loans because their costs are higher, so I figure buying in more or a buyers market would be good.

By the way, I'm in Seattle so the market here hasn't been as down as it has been in the rest of the country, but I'm thinking I won't be losing out by waiting until the end of this year.

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reformedfamilyman
Posts: 51
Registered: ‎02-04-2008
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Re: How long is pre-approval good for?

I pulled up the realtor.com site for her and she says that it's not as good as the prudential one. There aren't as many pictures, specs, and it doesn't list the yearly property taxes. Otherwise, it's the same inventory. That's a huge factor here since a $100K home can have as low as $1500 and up to $6K in taxes. We need to know how much the taxes are since it has the potential to double our M/T/I payment.
 
I'm not in any of the states you mentioned but thank you for your advice and offer to help me look for a realtor. :smileyhappy: Do I just call a realtor that looks good or ask friends who they used? Might we be better off in using a real estate attorney?

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