Profile picture for milesfiles

When should I prequalify for a loan?

My husband and I are interested in moving this Dec. (currently restricted by rental lease) and we want to buy a home. I would think you'd want to begin the step to home purchase as soon as possible, but I'm hearing from some that this is not always recommended. Is it true that prequalifying is bad for your credit? If so, how do you find out if and how much of a loan you may be approved for? I'm really confused. Am I supposed to wait until 2 months before buying a home? I have to give notice to my complex, and quite frankly, I don't want to rush this process.
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February 11 2009 - Germantown
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Answers (3)

Hello,

You want to have your credit pulled and get pre-qualified at least 60 days before you are considering buying. 90 days if you think you may have to repair things on your credit first.

Pre-qualifying is bad for your credit if you have 5 plus mortgage companies pull your credit within 30 days. Having your mortgage pulled numerous times will affect your score, especially if your have numerous places do it. I would recommend 2 - 3 pulls at most all within 1 or 2 weeks of each other to get 2 or 3 different quotes based on your credit.

After the initial credit pull (provided you qualify) the loan consultant should be able to issue you a pre-qualification letter that is valid for at least 90. At the end of the 90 days the letter can be re-issued by re-pulling your credit. In the mean time do not pull or open any new credit (like - auto, credit card, installment, or student loans) unless absolute emergency. Do not get pre-qualified until you are seriously looking to buy that way you aren't having excessive credit pulls.

Good Luck!!!!!!!!!!

Lindsey :-)

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February 11 2009
Profile picture for drfoley
When you get prequalied ask for them to mark it as a "quotation check"  on your credit report. A quotation check is not recorded as a loan application on your credit report, and has no effect on it.
Also, once your pre-qualified, your offer is as good as cash
Good luck
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February 11 2009
Profile picture for sunnyview
I would get what you need together to prequalify about 60 days before you are seriously looking.
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February 11 2009
 
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