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When can I get an accurate pre-approval?

We are in the process of selling our current home. My question is- at what point can we get an accurate pre-approval letter that reflects the sale of the current home? Would that be possible after the P&S is signed or do we have to wait until closing?
  • March 20 - US
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Answers (5)

You should get started on the pre-approval as soon as you can. The next step would be to speak with a lender that best fits your situation to get pre-approved. Then when you do apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. We will need to analyze your assets, credit, expenses, income, debt, employment, down payment, etc. Since there are many parts to this process, the sooner the better. Either way, 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!
  • March 21
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Congratulations -

The best way to structure this would be to have a lender issue you a contingent preapproval letter.  The contingency can be the sale of your current residence.

It might actually be beneficial to consult with a lender as based on your income and debt load a contingent preapproval letter might not be needed - you might have the flexibility to buy new prior to selling the current residence.

Either way - consult a reputable lender.  If you need assistance please feel free to reach out.

  • March 21
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Don't wait until you get a contract on your existing home. You need to talk with a lender today to ensure prequalification letter can be released to you. If you work with the right Mortgage Consultant, they should be able to give a pretty good guesstimate on any/all net proceeds from the sale of your home, and then provide new mortgage options on the new home loan when applicable.
  • March 21
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You need to get on the stick now! Unless you want to be renting. Most people get pre-approved for a home loan prior to listing their home so they know where they're at on the next home. I encourge you to get the process started. Let me know if we can be of assistance to you by clicking on my Profile and shoot me a message with you contact info.
  • March 21
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You should start the pre-approval process straight away. It will be issued contingent upon the sale of your home and will allow you to start the search for a new home.
  • March 21
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