Should I get preapproved?

Asked by HomelessPat, Methuen, MA Sun Dec 30, 2012

My wife and I want to start looking for a house seriously now.

However, we have one small problem. We're $2000 short in savings of what we want to have when we actually buy the house. We'll have that in February, but I wanted to get preapproved now.

Does Preapproval go by what you have in savings? Would it harm us to do that now, get a realtor and start looking seriously only to get preapproved again in 2 months?

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8
Christine Moran Realtor & Notary’s answer
Christine Mo…, Agent, Wilbraham, MA
Sun Dec 30, 2012
You should talk to the bank see home much you will need to have down ect. You don't want to waste your time viewing homes you can't afford, your agent's time, and the seller of the homes you are viewing.
1 vote
Richard Shap…, , Framingham, MA
Thu Jul 31, 2014
I am a Mass licensed Mortgage Broker and Loan Officer. You can most certainly get preapproved subject to funds to close. If you contact me through my profile I can discuss other alternative programs that may qualify you right now. Either way a pre-approval with us is at no cost or obligation.
0 votes
Craig Chemaly, Agent, Carlisle, MA
Wed Jul 30, 2014
You should always speak with the bank before looking for homes, unless you are making an all cash purchase. Nothing is more heartbreaking than finding a home you really love, that you think you can afford, only to have the bank deny your mortgage. Also, submitting a preapproval letter along with your offer makes your offer MUCH more attractive.
0 votes
Sarah Goulart…, Agent, Plymouth, MA
Mon Dec 31, 2012
I don't think it would hurt to talk to a mortgage representative to find out if your can be preapproval now and if you have enough in savings to do so. You may find out that the additional $2,000 isn't going to make a difference for preapproval or you may find out it is necessary. You can also talk about different loan options that are available to you.
0 votes
Wen Farina, Agent, Reading, MA
Sun Dec 30, 2012
you should always have a pre-approval as you will need it when you find a property that you would like to make an offer on. However, you also have a little bit of time and you could start your search for a buyer's agent Realtor, talk to a few and see who you click with. This may take you a few days or a couple of weeks depending on your schedule but it will allow you more time to get those 2k in savings. However, you can also,if you are really curious and don't want to wait, get a pre-qual just to get a feel as to how much of a mortgage you may obtain. Also, pre-approvals have a limit some are good for 30-60days or 90 days it varies depending on lender. So, don't stress and make it a pleasant experience but definitely get your buyer's agent so he/she can help you through out this process. If have any questions or if we can be of help let us know, We'd be happy to help. Wen -- info@wenrealty.com
Web Reference:  http://www.wenrealty.com
0 votes
Kevin Vitali, Agent, Tewksbury, MA
Sun Dec 30, 2012
Talk with your mortgage banker. many times I have buyers who have been pre-approved based on circumstances in the near future. Your mortgage banker is a valuable resource.

You really are not in the position to put an offer in an a house if you don't have one. If the perfect house came along and you don't have a pre-approval you will be at a serious handicap.

If you need some names, I have some great mortgage bankers, call me at 978-360-0422.
0 votes
Peter Mlaguzi, Agent, Boston, MA
Sun Dec 30, 2012
You should get preapproved. Depending on the bank, they do want to see that you have 2-3 months worth of mortgage payments in reserves, but since your 2,000 from your intended goal, I'm sure that would be able to preapproved you. Also the preapproved will help you and your agent know the price range and assist in the offer process. Are you a first time home buyer? Have you considered first time home buyer programs that assist with down payment and closing costs? If you have any questions or want to continue this dialogue, feel free to email or call directly. I do service buyers in Massachusetts.

Best regards,


Peter J. Mlaguzi
Broker/Owner
M&A Real Estate
http://www.marealestateinc.com
Peter@marealestateinc.com
O:617-588-0087 x701
C:617-233-1476
F:617-395-6867
Follow us on twitter: @MandArealestate
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0 votes
allan erps,A…, Agent, Pearl River, NY
Sun Dec 30, 2012
Not sure about all of your questions but some Banks do want to see 2 months of statements to evaluate the Loan. However, I am fairly certain a pre-approval is in order. 401k money or other liquid securities could make up the difference. Best of Luck!
0 votes
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