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Once you’ve gone through a home loan pre-approval process and received your pre-approval letter, you can start looking for your dream home. However, sometimes the hunt can take longer than you expect, especially in a seller’s market.
Pre-approvals are generally valid for as long as the borrower’s circumstances remain the same and lending guidelines remain the same. However, you’ll need to regularly update certain documentation to keep it current.
Paystubs and bank statements will need to be updated with the most current ones every 30 days. These are typically easy to update. You’ll simply scan copies of your new pay stubs and bank statement, and upload the new documents to the online portal. Unless you lose your job or your bank account is suddenly empty for some reason, there’s no reason your pre-approval should be cancelled.
Credit pulls are typically good for 90 to 120 days before you need to have it repulled. Your loan officer (LO) won’t want to pull it repeatedly and risk damaging your credit or lowering your credit score. If the search for a home is stretching out, you can typically discuss this with your LO.
If you plan to keep looking, you may arrange to have the report pulled when you find a house you are ready to make an offer on, before the underwriting process begins. If you decide to look for a home in a different buying season, a report can be pulled again at that time and generally it will have been long enough that your credit won’t suffer any adverse effects.
Are you ready to get pre-approved for a mortgage? Don’t be intimidated by the steps required. We can help make the process as easy and stress-free as possible. Get pre-approved today!
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon, Washington, and California.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.