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Answers (4)
Best Answer
- Craig Lawler, "Craig Lawler"
- Contributions:238
In response to the first part of your question, in our market, a pre-approval is required before even looking at properties. This is for a couple of reasons. First, all sellers require them in order to submit an offer. With tight deadlines for submitting offers, you may see a home you really like and want to submit an offer on, but if you don't have your pre-approval letter in-hand, you may miss out on being able to submit an offer.
Second, you want to know how much home you can really afford - not just how much you want or think you can afford. A pre-approval will let you know this.
As the others have said, there should be no cost to you except for the cost of the credit report.
Second, you want to know how much home you can really afford - not just how much you want or think you can afford. A pre-approval will let you know this.
As the others have said, there should be no cost to you except for the cost of the credit report.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
If nothing has changed with your obligations or employment your loan originator would re-issue you another pre-approval that's current at no-charge. ..... Happy shopping, Rudi
- Brian G. Allen
- Contributions:334
I concur the cost of the credit report should be your only out of pocket expense, I caution you becasue you do not want to shell out money for reports and have your credit pulled multiple times find a lender you are comfrotable with and one you understand all costs in a transaction get Approved with that lender and you will have more purchasing power.
- Dave Skow, "daveskow"
- Contributions:1105
pre approval should be free ( or at the most the cost of a credit report which should be $10-30) ...if anyone is charging you more than that , find someone else to work with
If you get pre-approved but don't find a home before the pre-approval expires are you losing money?
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