Before you start calling lenders to get pre-approved you should make sure that you meet some of the basic loan requirements. Check Your Credit Score Your credit score is one of the biggest factors in determining your eligibility for a mortgage. 620-640 is the target minimum FICO score you should be aiming for.
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If you’re not pre-approved and you find a home you want to make an offer on, you’re taking a gamble. REALTORS and sellers are less willing to accept offers from a buyer without a pre-approval. Odds are, they’ll go on to the next offer-and you’ll miss out. However, if you are pre-approved, you have more room to haggle.
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Within forty-five days, you can attempt to get pre-approved from multiple institutions, because the lenders will know that you’re only trying to buy one home. Your credit report will only show a single hard inquiry so long as all of your lenders do their research during those forty-five days.
How long does it take to get prequalified for a mortgage? Because it’s an informal, nonbinding evaluation, you can get pre-qualified in a day or two, sometimes less.
Do you need a mortgage pre-approval letter to make an offer on a house? You know you need to get your ducks in a row before looking at homes, but does that include securing a pre-approval letter.
When to Get Pre-Approved Mortgage pre-approval letters are typically valid for 60 to 90 days. Lenders put an expiration date on these letters because your finances and credit profile could change..
If you’re shopping for a home, one of the first things you should do is go to the bank to get pre-approved for a mortgage. Pre-approval is different than pre-qualification. When you get pre-approved,
You can meet with a mortgage lender and get pre-qualified at any time. A pre-qual simply means the lender thinks that, based on your credit score, income, and other factors, you should be able to get approved for a mortgage. It’s informal and totally non-binding. As you get closer to buying a home you’ll want to seek pre-approval.
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Learn the difference between prequalification and preapproval and how both can speed up the mortgage process to help you secure your dream home.