We are going to relocate to FL .

Asked by Tweetie, Spring Hill, FL Mon Aug 6, 2012

We are planning a trip to scout out houses in Oct 2012. Do we need or should we get a pre-approval from the bank before hand? How long do they last? we are looking to make our move in the spring of 2013.

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Julie Pearce, Agent, Spring Hill, FL
Tue Aug 7, 2012
Hi - Annette from Palm Harbor pretty much nailed your question. But it wouldn't hurt to talk to a national bank in your own area (one with branches in Spring Hill), to get an idea about what loans are available. Different loans have different requirements, as well as different costs and fees, and it's good to know where you stand before you go shopping. You can also ask for a pre-qualification letter - this is different than a pre-authorization or pre-approval. A prequalification letter simply states that if everything you tell them verbally checks out on paper, you'd be able to borrow X amount. Banks don't pull your credit reports for a pre-qual letter. Banks can usually gather your information verbally and issue you a pre-qual letter for free, and it doesn't take long to do.

A pre-authorization, however, takes longer to do, and the banks spend time reviewing paperwork like employment records, tax returns, etc. They also pull your credit. This is something you wouldn't want to do until you're actually ready to purchase. A pre-authorization is usually only good for a specified amount of time, and you usually have to pay a fee to get this done. Different banks have different policies about the length of time a pre-auth will be honored, and different fees for doing the financial history and credit check. Ask the bank what their policies and fees are for this.

I always tell buyers to shop for their financing before they shop for a house because of the differences in bank fees and requirements. Some questions you should probably ask your bank is which type of loan would be the best for you given your individual situation, what they charge for pre-authorization, and how long a pre-auth will be honored by the bank. Ask them about their bank fees and if any of them are negotiable. Ask them about the loan fees and typical closing costs associated with each type of loan for which you qualify.

Knowledge is power, so it's best to educate yourself about the lending practices of different banks, credit unions, and mortgage brokers before you actually need to use their services. That way you'll have the peace of mind of knowing you've chosen the right loan, and lending institution, for your purchase.

If I can be of further service to you, please let me know. I could begin sending Spring Hill listings to you now, so you can familiarize yourself with the market here if you like. I live and work in Spring Hill, and would be happy to help you.
Julie Pearce
1 vote
Tina and Ste…, Agent, Spring Hill, FL
Mon Aug 20, 2012
It's always a good idea to get a pre-approval before starting to seek out any properties. In fact, any experienced for professional agent will insist on this prior to taking out a client to look for homes. While your timeline may be a little further out than a typical pre-approval will take you, having that portion of it done this early will give you plenty of lead time in case there are any issues that may need to be addressed prior to your home purchase.

Also, since you have the extra time, you can take advantage of it by laying out best srategies to maximize some savings on your mortgage and putting together a Financial Mortgage Plan that will best suite your needs rather than a banks. An experienced and trained Mortgage Professional can help you acomplish this given the amount of time you have. Most pre-approvals are good for between 60-90 days, but there are some that can be extended as long as 120 days under certain conditions. Extended approvals are usefull if you are looking at building a new home.

Hope this helps, if you need any other info feel free to reach out to us any time.

Steve Fingerman
E Loans Mortgage

Personal NMLS # 276682
Corp NMLS # 856640

Cell 727-946-0904
Office 352-688-7949
0 votes
Muneca1, , Tampa, FL
Mon Aug 13, 2012
That depends, if you are buying new construction you don't need to get prequa;ify because the builder will qualify you, if you are buying re sale then it of course, because you need to know how much house you can buy. your realtor should be able to help you with that. you can be prequalify before you even get here.
hope this help
marta @martarealtor.com
0 votes
Beate Rodrig…, Mortgage Broker Or Lender, Sunrise, FL
Tue Aug 7, 2012

yes, you absolutely should get a pre-approval letter, before you start scouting out homes in Spring Hill.

After determining what loan program and the actually loan amount you qualify for, you will be receiving a Pre-Approval Letter which is good for 60 days.

With a pre-approval letter in hand you can start your shopping for homes - real estate agents and sellers will take you much more seriously when they see you have your mortgage funding in place.

If there is anything I can do to pre-approve you for the homes of your dreams, please feel free to contact me at your earliest convenience.

Best Regards,

Beate Rodriguez
Lic. Loan Originator
NMLS# 299244

Cell: 954.695.4849
0 votes
Sue Pinky Be…, Agent, Fort Myers, FL
Tue Aug 7, 2012
Hi Tweetie,
I'm a realtor in Spring Hill FL. I will be happy to help you. It is important you get a pre approval letter. They usually last about 90 days, so prior to coming you should look into it. And you should shop around. That said, one of the places you should check out is a local lender. Local lenders to the area usually have better knowledge of the area you are looking to be in. For example, Spring Hill is Hernando County and we are considered rural so there is some financing that may work for you that would be able to get in Tampa area. We have a local lender, with very good rates and a hands on personality, where they know you and your not just a number. Their name is Patriot Lending.
I'm here to answer any and all questions for you. Just give me an email at suebensonremax@gmail.com or visit me at sossold.com
0 votes
Annette Law…, Agent, Palm Harbor, FL
Tue Aug 7, 2012
Plan on getting a approvals from a lender located in the area to which you are moving. Doing business with those who invest in the community through mortgage and small business loans creates great benefit to the community and competitive rates and flexible plans for you.

How do you locate these lenders?
Enter Spring Hill or your destination zip code and select an "A" or "B" grate lender.
Go to: http://www.BaningGrades.com

There will almost certainly be a change in interest rate by Spring of 2013. Take care to understand how a change in interest rates will influence what you can purchase.

There are great opportunities in the Spring Hill area. If I were in your shoes, I would be prepared to purchase in Oct if at all possible. Be aware, the situation of the home your purchase, traditional, bank owned, short sale, flipper, investor, will have bearing on the funding most beneficial for you to have available. Consult with a Spring Hill real estate professional.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Chat real estate on: http://www.RealEstateMadeEZ.us
0 votes
Peter Lee, Agent, New Port Richey, FL
Mon Aug 6, 2012
If you think there is even a slight chance you might make an offer on a house, a pre-approval letter would be a plus. It will add a level of credibility to your offer. If not, don't worry about it. Don't hesitate to contact me if I can assist in your search....

All the best,

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