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should we get preapproved?

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Anonymous
Not applicable

should we get preapproved?

So we were looking for a house around last sept. We went to a loan officer and gave them all of our info. Then we got kinda worried about the security of our jobs so then we stopped. Things are better now. But now its not about checking out alot of homes, we just want to check out this one house in our neighborhood.

My question is, I always hear get preapproved first before you start looking. But what if you just want to check out one home? (if its not what we want we will wait some more). Can a realtor show you a home without being preapproved first? What happens if you do get preapproved and not do anything (not buy anything) do the banks not take you seriously after awhile, and could it hurt your credit?

Message 1 of 4
3 REPLIES 3
john398
Senior Contributor

Re: should we get preapproved?

Yes always get preapproved before looking for a house
Message 2 of 4
Anonymous
Not applicable

Re: should we get preapproved?


@Anonymous wrote:

So we were looking for a house around last sept. We went to a loan officer and gave them all of our info. Then we got kinda worried about the security of our jobs so then we stopped. Things are better now. But now its not about checking out alot of homes, we just want to check out this one house in our neighborhood.

My question is, I always hear get preapproved first before you start looking. But what if you just want to check out one home? (if its not what we want we will wait some more). Can a realtor show you a home without being preapproved first? What happens if you do get preapproved and not do anything (not buy anything) do the banks not take you seriously after awhile, and could it hurt your credit?


With todays housing situation many realtors won't even let you view a home unless your preapproved and while some might you would need to submit a copy when you place a bid.  Keep in mind that preapprovals last for 3 months and the ding on your credit wont be alot unless you have bad credit to begin with and even then it might not be more than 5 pts

Message 3 of 4
Anonymous
Not applicable

Re: should we get preapproved?

ive been through/going through something similar. last yr hubby and i started looking at houses online we applied for a mortage and was denied.

 

this yr we started going to open houses and looking online. when we see houses we like, we request to see them. 2/3 realtors have shown us houses without preapproval.

 

we use online calculators to see an estimate of what we couild afford.  i think its helpful to attend open houses and see homes even  before preapproval because, at least for us this has helped us see what we can or cant afford.

 

 

if you are serious about buying a home soon (3months) i would start the process, if not i dont think theres anything wrong with viewing homes online adn going to open houses

Message 4 of 4
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