How long is pre-approval good for & how many can I get?
How long is my mortgage pre-approval good for?
When you get your mortgage pre-approval letter, it is generally good for 30-to-90 days. Your lender will confirm the time frame. After this period ends, your mortgage pre-approval expires.
If you can’t find a home that matches your needs or budget in that time frame, your mortgage pre-approval will expire, and you’ll have to get a new one. It’s a good idea to only get a mortgage pre-approval when you’re in the market to purchase a home. That way your approval doesn’t expire before you can use it.
Can I get more than one pre-approval letter?
You can get multiple pre-approval letters if you choose to, but you’ll only need one. Also, each mortgage pre-approval letter will come with a hard credit inquiry. If your credit score is a concern or you want to keep your report as clean as possible, it may be best to shop around beforehand, compare rates, and settle on one lender to work with.
If you’re ready to start your journey to a new home, you can start your pre-approval application today, and start on the path to owning a home.
What do I do after I get a mortgage pre-approval?
After you get a mortgage pre-approval you now have a good tool to help you know how much mortgage you’re likely to get approved for, and start to work out the price range you should be in for your new home. You can work with real estate agents, search, and put in offers with confidence and accuracy.
The home buying process may go smoother for you with a pre-approval letter as it saves on time when you need to fill out the full application. It’s best to avoid any major changes to your credit or taking on additional debt until you move forward on a house. Additional loans or changes such as buying a vehicle or opening new accounts can impact your financial status.
Where can I apply for a mortgage pre-approval?
Because a mortgage pre-approval letter helps you focus on the homes you can afford, it is best to get a pre-approval at the start of your home buying journey. You will be responsible for gathering information about yourself. You’ll need information on your income, debts, assets, and employment for your lender to use in determining your mortgage agreement.
The good news is that applying for a mortgage pre-approval can be done online in a few clicks. The team at Owning is ready to help you in your next step toward home ownership. You can get started by applying today!
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Owning for current rates and for more information.
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