Home Buying in Denver>Question Details

Yaki, Home Buyer in Denver County, CO

Mortgage pre-approval...

Asked by Yaki, Denver County, CO Tue Mar 20, 2012

Once a buyer obtains a mortgage pre-approval, how long is it good for?

Help the community by answering this question:


Ninety days in most cases, but you should stay in regular contact with your broker or loan officer to make sure nothing has changed on the lender's end and to keep the lender up to date about changes in your life that might affect your ability to borrow.

Ron Rovtar
1 vote Thank Flag Link Wed Mar 21, 2012
Credit documents are good for ninety days. But be mindful that you should not apply for any new debt, take out any new debt, substantially pay down credit cards to qualify, or anything that could be asked to be clarified by a mortgage underwriter. From there, make sure when you say pre-approved you actually mean the lender has physically reviewed your paystubs, W2's , bank statements, and most importantly tax returns. I have seen many creative accountants "write-off" expenses. This is reducedd from your effective qualifying income. Be mindful and work with a professional. Other types of incomes are handled differently by underwriters as well. Also, there are changes within the FHA program surrounding "credit disputes" and "collection" accounts.

Ray Williams
Branch Manager
Summit Home Mortgage Denver
303.779.0591 x101
0 votes Thank Flag Link Wed Mar 21, 2012
Usually credit has to be re-ran within 90 days. Income and Asset docuemtns need to be updated and make sure that the financial picture hasn't changed. I will send you an email about the loan process. Please feel free to contact me to go over any questions you may have. Also, please go check out my websit http://ewww.rem.com/VickieNewman
0 votes Thank Flag Link Wed Mar 21, 2012
Assuming the buyers income and debts do not change and rates stay consistent, the buyers qualification / ability to purchase does not change. But, any lender is going to put a time limit on the buyer's qualification so they can review the buyer's file again and make sure they have not lost a job, bought a new car or taken on some other debt. A great lender will make the process so much easier. I cannot say enough good things about the two lenders in the link below if you are looking for a good lender. Happy Shopping!
0 votes Thank Flag Link Wed Mar 21, 2012
You can call John Showers Citywide Bank he can help you if you need one and usually they are good for 60 to 90 days usually. 303-725-0580 Hope this helps! Debbie Taylor, CRS, Realtor 303-589-6692
0 votes Thank Flag Link Wed Mar 21, 2012
To help you be the most competitive since accroding tor Metrolist sales are up about 15% and inventory is about 40% lower or more lower than same time last year, realistic sellers are picky about the offers they hey consider. I would recommend at least to have am updated lender approval letter with a current date to accompany your offer with a well written cover letter detailing the strength of the offer, the financial capability of the buyer at the offer price,, the lender's track record and experience level of your real estate agent. Most sellers are not only concerned about price, they want to know the buyer they select will make it tie the closing table.
0 votes Thank Flag Link Wed Mar 21, 2012

A mortgage approval can be anywhere from 60-90 days depending on the bank and the type of loan you have applied for. Ask your lender to clarify that for you. Also check to see how long the rate 'lock' is after you are under contract. It is usually 45-60 days unless you want to pay for a longer time frame. By the way, you are certainly doing the righ thing by asking a lot of questions. Best of success with your purchase.

Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
0 votes Thank Flag Link Tue Mar 20, 2012
Usually 90 days. Check out my site.

0 votes Thank Flag Link Tue Mar 20, 2012
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