Simply call your mortgage broker and ask them to write up a new letter. As other agents have indicated, if nothing has changed, it shouldn't be too much of a problem.
Keep in mind, however, that a big part of your borrowing power is based on interest rates. Right now they're low, but 90 days from now, if they're a half point higher, it possible that you won't be able to borrow as much...... more
It's definitely a good idea that you're getting pre-approved before you search for a house because they are often required in order to make an offer on a house. In response to your question, lenders will want to have your most recent and updated information when it comes to your finances. In other words you will just need an updated pre-approval which may cost you a fee depending on your lender. All credit qualifying data such as pay stubs, bank statements, etc. all expire within 90 days of there date so that will have to be updated. Also, it would be wise to not make any large financial transactions that will affect your updated pre-approval.
Hope this helps and good luck!
Sr. Mortgage Banker
NMLS # 659743
Typically, a pre-approval states that based on your credit you should be able to afford "x" amount of house. Pre-approvals are based on your credit history and the lenders cursory check of what you should be able to afford. If you do not find a home in the 90 day period, you can reapply for another pre-approval. If you write an offer, you must supply a pre-approval within 7 days of the acceptance of the offer. After acceptance, you have 45 days, sometimes less to obtain loan commitment from the bank. Loan commitment is different than a pre-approval. A pre-approval does not effect your credit score; however it does help expedite the process and keeps buyers from looking beyond what they can afford. Hopefully this has been helpful.... more
A great way to monitor homes for sale in a specific area is by having a Home Watch setup. You can do that for free at FirstWeber.com or a First Weber agent can set it up for you. Use the MAPIT feature to setup searches in specific streets and radius' to a certain area or street.... more
Hi There...That is a great question. Trulia relies on each Broker (or company) to list their own properties on Trulia. Some do and some don't. It is also up to each individual agent to claim their listings on Trulia so that it gets associated with them. If you do not see your home on Trulia, then ask your agent that listed your home.
I can only speak on how First Weber does it, since I am a first Weber agent, but First Weber has a process where each home's listing is syndicated to Trulia. As the agent, I am then notified when Trulia has the home listed.
Typical open lines of credit for first time homebuyers would be ...a student loan, an active credit card, a car loan. The days of using alternative sources to establish credit are gone, in the past cell phone bill payment & utility bill payment proof would help to establish credibility for buyers, but now you need to show you can borrow or have the ability to borrow (credit cards) money and pay it back in a responsible , consistent , timely manner.
I would recommend opening a few different types of credit cards to establish open lines of credit , that way you don't create huge piles of debt on 1 card but can show you can manage multiple lines of credit, with a safety net for unforseen expenses to be placed on other credit accounts if needed, ultimately it helps to use or charge and pay off your credit card to build credit or use that same concept in the form of a loan for collateral like a car , a less costly idea would be to buy a different asset, that you do need, using credit,... like an ipad, computer or TV on in store charge acct. , just an example.
The shift in financing for home loans takes into consideration Debt to Income ratio's & credit scores, you may qualify for an in house arm adjustable rate mortgage which is amortized over 30 years.... fixed for 3 , 5 or 7 years... at a really low interest rate 3.5% or better in some cases, you would still be faced with PMI private mortage insurance until you establish 20% equity in the home. The average home owner in WI stays in their first home between 3 to 5 years so a 7 yr arm is a great way to go if you dont have established credit but do have a good debt to income ratio. Typically arms do require atleast a 5% downpayment. The knock on arms is that they balloon or their interest rate may increase in yr 8,9,10 etc if you havent refinanced by then into a conventional fixed rate mortgage.
The rule of thumb is that your house payment with taxes and insurance shouldnt exceed 30% of your gross income, that will help you to manage the new payment without stress. Best of luck!... more