Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for user326517

Whats involved in a preapproval,and does it hurt your credit score?And how long is a preapproval goo

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 11 2013 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

A pre approval with any validity and benefit is not just a phone call to a loan officer, and it is not just discussing income, assets, and credit. It should include receiving a copy of latest paystub, bank statement, W2 and tax return if self employed/commissioned income. A credit report on all borrowers would be reviewed and analyzed. If there is a question of debt to income, job history issues, collection accts, etc an automated underwriting finding should be obtained. A pre qualification letter is a waste of paper, and a short cut version of a pre approval is likely to be suspect. It is of no benefit to buyer, seller or Realtor.
An inquiry for a mortgage does not impact your credit score but multiple pulling of a report should be avoided and is unneccessary. You would typically plan to go forward with a loan officer before you request a pre approval. That includes getting all of your due dilegence and rate shopping done first.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 12 2013
Our pre approvals are good for about 4 months, we pull credit and review income documents. Thank you

We lend nationwide.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 12 2013
Speaking to a loan officer, completing a loan application and having your credit pulled. The approval should be good for as long as the credit is good which is 90-120 days days depending on the product. Even if it expires a new credit can be run and then it will expire in another 90-120 days. Feel free to visit my profile and contact me.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 12 2013
Along with reviewing your income, debts, job history, assets, etc., your loan officer will also need to pull a credit report. Mutiple inquiries into your credit acan have a negative impact on your credit score, here is a link that helps explain how that works:

http://www.myfico.com/crediteducation/creditinquiries.aspx

 Most listing agents will not seriously consider an offer without the potential buyer presenting a pre-qualification letter with their offer. The process doesn't take too long and it will let you know where you stand as far as your maximum loan amount is concerned. The pre-approval is typically valid for 90 days. Good luck in your search for a new home!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 11 2013
A preapproval can be as little as a phone call. The loan officer just asks income, debts, history, job status and like that. You don't sign anything and you don't pay anything so it has no affect on credit.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 11 2013
 
Related Questions
FHA loan after Chapter 7 with "NO" foreclosure
Profile picture for Steven Abramson
Latest answer by Steven Abramson
10 minutes ago | 2 answers
Mortage with income from IRA question
Profile picture for Steven Abramson
Latest answer by Steven Abramson
15 minutes ago | 1 answers
need some advice
Profile picture for Todd Bitter
Latest answer by Todd Bitter
14 hours ago | 4 answers
How do I know if my closing costs are too high?
Profile picture for Justin Sheftell
Latest answer by Justin Sheftell
1 day ago | 13 answers
once "docs" are approved by underwriters, generally how long until closing?
Profile picture for Pamela Cavallary
Latest answer by Pamela Cavallary
2 days ago | 7 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.