What happens if you 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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Chris Render…, Agent, Fond du Lac, WI
Thu Aug 8, 2013
Typically, a pre-approval states that based on your credit you should be able to afford "x" amount of house. Pre-approvals are based on your credit history and the lenders cursory check of what you should be able to afford. If you do not find a home in the 90 day period, you can reapply for another pre-approval. If you write an offer, you must supply a pre-approval within 7 days of the acceptance of the offer. After acceptance, you have 45 days, sometimes less to obtain loan commitment from the bank. Loan commitment is different than a pre-approval. A pre-approval does not effect your credit score; however it does help expedite the process and keeps buyers from looking beyond what they can afford. Hopefully this has been helpful.
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, ,
Thu Aug 8, 2013
Great question!

When getting a home loan, certain documents have expiration dates of varying lengths. Since a credit report must be "fresh" when your loan closes, a new, full report will have to be pulled if the old one is more than 90 days old.

My advice would be to work closely with your lender and make sure they know you are still looking and plan to submit offers. Ask if they need anything from you in order to be ready when you have an acepted offer, and it will be much smoother for everyone :)

I hope this helps!
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