Home Buying in 18951>Question Details

Rich Brunner, Both Buyer and Seller in Brunnerville, PA

How long is a Pre approval valid!?If you currently hold a pre approval from 1 lender can you obtain more than 1? Will the amounts differ?

Asked by Rich Brunner, Brunnerville, PA Thu Apr 18, 2013

Individual lender or Ban pre approval wich is best?

Help the community by answering this question:

Answers

7
You can get more than one pre approval, in fact it is a great idea to get cross approved. Yes, the amounts can differ as each lender has their own lending guidelines,

Most prep approvals are valid for 90 days. If you do not find a home within that time frame you can get a new one.

What ever you do , DO NOT make any new debts once you get approved!

Best of Luck to You,

Kawain Payne, Realtor
0 votes Thank Flag Link Wed May 1, 2013
I issue them for 4 months and they could vary by how much you can qualify for based on the lender program that is used to qualify for. I would stick with one for now and shop the loan after you get the GFE from the current lender who have you approved, as long as you have your credit score and Debt to Income Ratios.

Ensuring that you make the right choice for you and your family is my ultimate goal. And I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and expert advice.

I look forward to working with you!
Lowell Sterling
Mortgage Banker
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Thu Apr 18, 2013
I'm trying to understand the reason for your question? Are you concerned with your own preapproval ...or the preapproval of an incoming buyer for your home?
0 votes Thank Flag Link Thu Apr 18, 2013
The pre approval is usually valid for 60 to 90 days. I do not recommend getting more then one as each lender will pull your credit and it will negatively affect your credit score. Just use the one you have and then when you go under contract you can shop a few banks to make sure you are getting a good deal.

Scott Freeman
http://www.Scott4PaHomes.com
0 votes Thank Flag Link Thu Apr 18, 2013
I agree with 90 days; they usually tell us, but will re-run everything if it takes too long:

One thing I've always done, is have the letter re-written, (if necessary) with the exact offering price:
You can imagine why.
0 votes Thank Flag Link Thu Apr 18, 2013
Usually 90 days.
Yes, you can obtain more than 1.
The amounts may differ depending on that lender's guidelines.
Ban? wich? ...Bank, Broker, or Direct lender...shouldn't really matter...
0 votes Thank Flag Link Thu Apr 18, 2013
Normally, it is good for 90 days. I would think the loan officers can give you a better answer to this question.

Best of Luck
0 votes Thank Flag Link Thu Apr 18, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer