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How long in advance of a purchase should you prequalify for a motgage

  • April 16 2014 - US
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Answers (10)

If you are unsure of your credit score or know that you may have some work to do to improve it, then I recommend you get a Pre Approval as soon as you are thinking about buying a home.  As others here have stated, the lender will then be able to tell you what steps you need to take to improve your score and you will need some time to do so.  You will want to have the highest score possible not only to qualify for a specific amount, but also to help you get the best rate possible.

There is no universally accepted time frame for what is considered a "current" Approval Letter.  For some it is under 90 days, and for others it is under 30 days or anything in between. Since credit reports are updated monthly then obviously the most up to date Approval Letter would be dated within 30 days of making the offer. If you have any concerns about submitting a 'fresh" approval letter, just ask your lender for an updated one.

Other things to consider are in a time of rising interest rates you may want to lock in your interest rate, so discuss this with your lender also.

Finally, keep in mind that a Pre Approval letter from a lender does not obligate them to fund the loan.  Keep in close contact with your lender so you are aware of  any issues that may arise with your financial situation or the appraised value of the property.  You may need to have a Plan B ready to go if time is running out on the time for the financing contingency of the purchase agreement.

  • April 16 2014
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You should do this within 2 to 3 months so that you do not have surprises if any. 
  • April 16 2014
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Get a Pre APPROVAL letter where they vet you fully for a mortgage, short of underwriting.   Get this letter from a lender and have it with you the minute you start to look for houses.  If you find one you want to buy have your agent attach it to your written offer.

Do NOT search on your own - use an agent
  • April 16 2014
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I always recommend to speak with a lender as soon as you can when you are considering buying a home. Obtaining financing and a pre-approval for a mortgage is one of the first steps that a home buyer should take in the home buying process. So the reason I always recommend that someone speak with a lender immediately, even if they do not plan to buy for another year, is because lenders can take a look at your finances to tell you what to fix or improve. So by the time you are ready to buy a house, your finances will already be in place. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • April 16 2014
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This is one of the 1st things I cover with a client before taking them out. It's always a good idea to get your 
 pre-qualification done prior to home shopping. This will help you and your agent narrow down the search for homes within your price range. Most sellers will also want the pre-qualification letter along with any offer.
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It is always best to get that prequal letter before you head out with a realtor. As a realtor in Ct. I want to see this letter before I take buyers out looking for home. I don't want my clients to be disappointed if they see a home that they love and then can't afford.
Hope this helps in your quest for a home.
Best,
Ninfa
  • April 16 2014
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The best time to get pre - approved for a mortgage is when you are ready to start looking at properties. The only reason to get approved sooner then that is if you simply want to know how much you can afford, and how much the bank will lend you, thanks 
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I would recommend 2-3 months
  • April 16 2014
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That is completely up to you. As a mortgage professional I would suggest doing so as soon as you are thinking about purchasing. The main reason I suggest this is that there may be some issues in your credit or your work history that may need to be addressed before you are pre-approved for a mortgage loan.

If you do this sooner than later you can get those issues taken care of, and once you find your dream home you will already have a pre-approval letter from a reputable lender that will allow you to be taken serious as a borrower.

If you would like further assistance or guidance in how or where to apply for a mortgage loan please feel free to reach out to me via my zillow profile.

Good luck,
Andrew

  • April 16 2014
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Pre-approvals are good for 90 days. I would obtain a pre-approval before you go to a realtor to show you homes and/or once you have found a home. Realtors that I deal with prefer someone that is pre-approved so they know the price range they are "approved" for so they are not wasting all parties involved time.

Good luck and best wishes!
-Scott
  • April 16 2014
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