Home Buying in Fond du Lac>Question Details

Vanderbandit, Other/Just Looking in Fond du Lac, WI

What happens if we don't find a house after pre-approval?

Asked by Vanderbandit, Fond du Lac, WI Thu Aug 8, 2013

The lender just sent in our application to the underwriter and she is confident we will be approved. What happens if we do not find a house we want within the 90 days? Are we stuck taking another credit ding for another pre-approval or should we just put in an offer on a house assuming we should be good to go? We would do a soft check on our own credit to make sure our scores haven't changed.

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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...
0 votes Thank Flag Link Tue Aug 5, 2014
Hello Home Buyer,

If nothing has changed in the past 90 days with your job or purchasing on credit, I have buyers ask their lender to write up a letter with a new expiration date.

Best regards,
Sherri DeHahn
0 votes Thank Flag Link Sat Aug 10, 2013
Actually, your credit is more at risk from your behavior than it is from re-applying in three months. Don't worry.
0 votes Thank Flag Link Thu Aug 8, 2013
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