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How early to get Pre-Approved?

I'm looking to purchase my first home around Oct-Nov. I am curious as to how early I should looked to get pre-approved so that I may begin to actually look and make offers on houses? Also, how long do pre-approvals actually last ? by Dust.mag240 from Hollywood, Florida. May 10th 2017 Reply

Bob Windom (
#292 ranked lender in Florida - 5 contributions

The earlier the better. Many times we find issues that exist on credit reports that borrowers don't remember, think about or think are on their reports. It takes time to fix those problems and months before you begin to see improvements. Liabiliities may need to be reduced to meet DTI ratios. That can take 30-60 days to not show up on credit. Other issues too, so call if you need advice. You need to apply for the mortgage about 45 days out from closing, so you're at that point now, adding all these days up. Pre-approvals last about 90 days, depending on the lender?

May 10th 2017
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

You should get pre approved now.. Once the lender looks at your complete loan profile and scenario, he's able to advise you as to how much you can qualify for based on your maximum's.. Also, by applying early.. if there are any issues that need to be corrected, you have sufficient time to deal with it and correct any credit deficiencies or income/job issues which might prevent a delay in financing later.. The sooner the better.. Try contacting a local mortgage bank/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 11th 2017
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