Financing in Rancho Bernardo>Question Details

Trulia San D…, Home Buyer in San Diego, CA

How long does pre-approval last when trying to find a home?

Asked by Trulia San Diego, San Diego, CA Fri Mar 22, 2013

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It all depends on the lender but in my experience 60-90 days is pretty common.

If you'd like the a recommendation for some lenders who have great rates and closing costs feel free to give me a call or shoot me an email!

Theresa Mack
Coldwell Banker
(858) 230-4850
1 vote Thank Flag Link Fri Mar 22, 2013

Pre approvals are good for up to 60 days. Keep in mind once pre-approved you should not apply for or accept any new credit since it may increase your debt and throw off your Debt to income ratios making that pre approval null and void. As some of my colleagues have stated the credit report is good for 90 days. Feel free to contact me with any questions regarding Mortgages.

John Georges
0 votes Thank Flag Link Sat Mar 23, 2013
With most lenders it's 60 days
0 votes Thank Flag Link Fri Mar 22, 2013
Credit reports are good for 90 days. So as long as nothing has changed with your income or credit situation over 90 days, they are good for that period.
0 votes Thank Flag Link Fri Mar 22, 2013
Bottom line, your credit report is good for 90 days. I typically don't re-pull credit between the first time that it's pulled and when the property is finally identified, because it can actually hinder your scores if you continue to pull it. I do offer updated approval letters upon request so that they are updated and fresh for each offer. However, if a seller requires a DU approval (Fannie Mae's automated underwriting engine), and the credit has expired, a new credit report would be required to be pulled for those results.

Great luck! :)
0 votes Thank Flag Link Fri Mar 22, 2013
Typically 90 days. I try to get a new one dated every time I submit and offer with the address of the property on it and the day of the offer submitted. It shows that your lender knows about the actual property, especially a condo complex, and the pre-approval letter amount matches the offer amount. Don't want to show your hand when making an offer. Good Luck!
0 votes Thank Flag Link Fri Mar 22, 2013
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