How Long Is A Pre-Approval Good For?

In the mortgage industry, we routinely encounter instances in our day-to-day interactions with clients that make us realize what is obvious to us may not be so obvious to those we serve. As loan advisors, a question we are frequently asked by those shopping for a home and going through the mortgage pre-approval process is, “How long is my pre-approval good for?”

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Pre-Qualified vs. Pre-Approved – What’s the Difference?

So you’re on the hunt for a new home. What should you do first? You’ve heard you should get pre-approved or pre-qualified, but which is it? Is there a difference? If you’ve ever been confused by the two, you’re not alone. Many people are under the assumption that the two options are the same, but, in fact, there are major differences between the two. Here’s the breakdown…

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How to Protect Your Mortgage Pre-Approval

It’s smart to begin your search for a new home with a pre-approval letter. The pre-approval is more in-depth then a pre-qualification letter, which does not include a credit analysis. In order to provide a pre-approval, your lender will pull your credit, analyze your income and asset documentation, and calculate your debt-to-income ratio, resulting in a reasonably accurate estimate of your spending limitations. This will give you a good idea of what you can afford and may give you an advantage over the competition.

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