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Answers (6)
- Michael Andries, "michand98"
- Contributions:23
Depends on the investor, ie the national lender buying your loan. Some investors will want a "credit refresh" right before closing just to make sure that you didn't do something foolish.
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- Bob Willett, "SacRELender"
- Contributions:194
I answer that question this way. Your pre-approval is good as long as nothing in your financial profile changes, the rates don't change, the guidelines don't change, and the market doesn't change. However, the documentation in your file is only good for 30, 60, or 90 days – depending on what it is.
I think sometimes we put too much weight on a pre-approval. The real value in a pre-approval is addressing any weaknesses that may cause a problem so there won't be an issue after the property is found. Unfortunately nothing ever remains exactly the same, so no pre-approval is 100%. (I once had a borrower actually get in an argument with his boss AFTER he signed his closing papers and quit his job! He did find another job, but needless to say, we did have a delay in closing.)
- Wayne Odenbrett, "wayne odenbrett"
- Contributions:10
Most lenders will approve you for 90 days. Interest rates have remained pretty stable, so "locking in" your rate hasn't been necessary. But keep in touch with you Lender during the process. See if they have new programs that may benift you.
- Deborah Garvin, "loanmonarch"
- Contributions:438
Most documentation is a loan application is good for 90 days; however, I am finding most lenders are requiring updates throughout the process. I just have my clients forward their current pay stubs and bank statements as they are received...that way the file is continuously updated while the borrower is searching for a home.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
@ Kevin, you are new and probably have not read Zillows
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good neigbhor policy
Here it is
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
- Kevin Hudoba, "KevinHudoba"
- Contributions:9
I would ask the mortgage broker or lender that approved you for this loan. I don't know if things would be different in LA, but in Illinois it will last for 3 months before a lender would require new bank statements and credit reports.
I hope this is helpful. Your lender will be able to give you the best answer.
Kevin Hudoba
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I hope this is helpful. Your lender will be able to give you the best answer.
Kevin Hudoba
Here's my Social Media Business Card:
[Self-promotional URL deleted by Zillow Moderator]
how long will the approval loan last before finding a home
buy, what is the deadline for loan.
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