William, Other/Just Looking in Hendersonville, TN

How much time do I have to find a home after getting approved for a loan?

Asked by William, Hendersonville, TN Tue Jun 5, 2012

I'm just looking right now, but I was told the first step is to get pre-qualified or pre-approved loan, so that I can get a general idea on what I can afford. The problem is that it maybe a couple months or possibly about a year and a half before I'm seriously ready to move, depending on approval amount. Is there a time period between approvement and actually using the loan where it is voided?

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I echo Kristy's comments. I have never seen an initial pre approval good for more than 90 days. However, I have seen some for less (30 days, 45 days, and 60 days). That being said, if no major purchases have occurred and no changes in income have occurred in the pre approval period, most lenders can extend them.

That being said, if you are 12 months out, then the pre approval will only give you an indication of your status and what can get approved for now. Much can happen in a year to change that for the better or worse. Good luck.
0 votes Thank Flag Link Thu Jun 14, 2012
Thank you for your question. Most pre-approvals are good for 90 days. So, if you think it may be a year before you are ready to start viewing homes, you can look at them online and figure out what areas you want to narrow down. Also, consider if you currently have a home to sell, how much your home is worth now and compare that to a year from now projection. I would love to speak with you more about this, call me or email to discuss.
0 votes Thank Flag Link Thu Jun 14, 2012
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