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What are the risks of pre-qualifying now and purchasing a home, 30 days later vs 60 days or later?

My wife&I are looking at buying a home in the next couple of months -- what are the drawbacks of pre-qualifying now if we decide not to buy within the qualification time frame? We want to get the lowest rate possible and my wife is trying to raise her credit score at the same time.
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December 16 2008 - Redmond
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Profile picture for Rob Cochems
There really is not a large risk, unless you shop the loan to death and build up a large amount of inquiries on your credit report, if you did that you could see a drop in your credit score.

A good LO also should be able to give your wife advice on how to increase her score.
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December 16 2008
The only downside is just wasting time.  You can always pick the ball up at a later date.

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December 17 2008

A good Loan Officer will sit down with you and create a plan to find you the best home loan now and one in the future based upon changes to your credit or financial situation. I always think it is a good idea to plan ahead. Please do remember that programs do change regularly with the banks so there mayneed to be changes in your plan by the time you are ready to move forward. 

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December 17 2008
Most prequals are good for 60-90 days, just don't go out and buy large purchases, i.e. furniture, cars, boats, etc. Your credit will be pulled again once you find a home and the loan is submitted to underwriters.
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December 16 2008
Really is no drawback.  Generally you do not lock into a rate until you have a property.  If I read your post right, you will have a worse case situation of what you qualify for.  Work on raising that credit score and your what rate is available to you cna be re-evaluted when you find a home.  If it takes you a little longer to find a house, your lender will ask you to update soem of the documents you sent in.  As long as things did not get worse you should be fine.
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December 16 2008
 
Related Questions
What are the risks of pre-qualifying now and purchasing a home, 30 days later vs 60 days or later?
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Latest answer by Dave Mason
December 17 2008 | 5 answers
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