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Pre-Approval Now or Later

I've just paid off the majority of my credit card debt. I am looking to enter the home buying market. Should I find out what I'm pre-approved for now or show I wait a few months for my debt reduction to affect my credit score? (I think it's currently from the mid to high 600s). Also, if I do find out what I'm pre-approved for now, will it hurt my credit (or anything) to apply for an adjusted pre-approval in a few months?

Thanks!
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February 18 2013 - Salt Lake City
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Answers (8)

I agree with what has been said, I wouldn't wait to get a pre approval but don't get your credit pulled. If you already know what your credit is you won't need to anyway. Good job on putting yourself into the housing market and good lu
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July 25 2013
I would suggest speaking with a lender a good lender. And, congratulations on paying off the majority of your credit cards! That's awesome! I would probably wait 30 days to allow the dust to settle and then have the lender look at your entire portfolio to give you a solid and informative opinion as to what you will be able to purchase.
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July 17 2013
Ditto. Meet with a highly regarded lender who can pull your credit and may be able to help you improve your credit score while you are in the midst of purchasing. I can't tell you how many buyers I've met who meet with a lender and find that they can't purchase a home because their expensive and sporty car with the high monthly payments gets in the way!
Good luck!
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July 17 2013
Congratulations for cutting your debt! Not an easy task, to say the least. If your goal is to buy a home, you'll want to talk to a lender ASAP. Qualifying for a mortgage is not only about credit scores, and requirements will depend on the type of loan you want. A good lender will help guide you to do, or not do, certain things that will improve your ability to qualify for a mortgage. The sooner you talk to a lender about your situation and your goals, the sooner they can coach you on which steps to take next. 

If you need a referral for a great lender, I can help you with that too!

Dustin Brohm
REALTOR
Equity Real Estate
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April 01 2013
I agree with Justin.  Speak with a lender to find out exactly what you're qualified for now.  If you're not entirely where you need to be, he/she should be able advise you as to how you can increase your score maybe faster or easier.

Hope this helps and good luck.  Shayla Twit, Sarasota FL Realtor
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February 18 2013
Get pre-approved!  And while you are working on that, search all homes on the mls on utah's number  [Promotion removed by Zillow moderator. Please see our Good Neighbor Policy.]

Justin Critchfield
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February 18 2013
Nice work on paying the debt off. Traditionally that will take a 60-90 days to affect your credit score. However, if you are working with a Lender you can trust we can do a Rapid Rescore and have the payoff affect your score with 72 hours.

We also have simulators that will tell us what your score might be if the debts were paid in full.

Ah the difference between Pre Approval and Pre Qualification. A Pre approval indicates that we have accessed your credit file, reviewed your income and asset documentation, discovered what you are comfortable with as for as payments and then issues you a letter that you may give to a potential seller indicating that you are ready to purchase.

Pre-Qualification simply relies on the information that you tell us. we have no way of verifying any of the information, including credit so it is considered very soft.

If I were a Realtor - I would not show anyone a house that has merely been Pre-Qualified. In this age of underwriting standards there are too may snafus that can catch even the most qualified buyers unawares.

Good Luck and if you need to chat about it please feel free to give me a call:

Justin Coleman
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February 18 2013
Get pre-approved but ask not to have any credit pulled. They will ask you what your debts are, what your income is, history and like that. You don't have to have a credit check to get a basic pre-approval done. Find out what you could borrow and start from there. Once you find a place go the next step, a good loan officer or mortg broker does not have to pull a credit report  to be able to give you a good idea if you could get a loan.
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February 18 2013
 
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