When is it the right time to get pre-approved for a mortgage loan? We're living with my parents right now to

Asked by Juanita, Jacksonville, FL Wed Mar 25, 2009

save money towards a downpayment and clear up any credit blemishes. A mortgage broker friend of ours said we could possibly be in a home within 6 months if we stay determined, but we've given ourselves, at the max, a year. How long is that pre-approval good for? We also already know the side of town we would like to live in.

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Kim Dove, Agent, Jacksonville, FL
Wed Apr 1, 2009
Juanita, when you have loan approval from a lender it usually last for about 90 days. When you have passed the lenders expiration date you will need to provide updated documentation.

Are you just wanting to see where you stand credit wise? Your mortgage broker friend should be able to help. Are you aware of all the down payment and closing cost assistance programs available? This is the time to educate yourself.

I love a well prepared and educated buyer!

Bring on the questions!
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ShondaCampan…, Agent, Jacksonville, FL
Wed Mar 25, 2009

You should get pre-approved as soon as you are ready to start searching for your new home. You don't want to waste your time looking at homes until you know exactly what you can afford, because if you find the home of your dreams and can't get approved for that amount you will be very disapointed. A pre-approval typically only last for a few months, but you can always be re-approved. FHA has some really good programs right now, especially for first time homebuyers. If you would like assistance in searching for your new home contact me. I would love to assist you.
Web Reference:  http://www.shondasauls.com
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Carol Zingone, Agent, Atlantic Beach, FL
Wed Mar 25, 2009
Good morning Juanita!

The answer lies in how much downpayment you need, and how much credit needs to be cleared up. I would recommned finding a mortgage lender you trust and feel comfortable with and mapping out with them how long they forsee the process to take. The preapproval's I've seen generally are good for a short period of time, usually less than 90 days, so you don't want to go through the process until you've accomplished your downpayment and credit improvement goals.

It's good you know where you want to live - you can keep your eye on the prices and listings. If you develop a relationship with a Realtor, they can send you home listings ona weekly basis or monthly basis to help you move towards your goal while keeping your eyes open on the price changes.

Good luck, and if I can help further, please feel free to email, text, or call me.

Carol Zingone
Broker Associate
Prudential Network Reatly
Web Reference:  http://www.carolzingone.com
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Starr Keating, Agent, Fleming Island, FL
Wed Mar 25, 2009
When you are beginning the process of shopping for a home, it's good to have your pre-qualification process and meeting with your mortgage lender under your belt so you know where you stand. Find out what you qualify and where you will be comfortable from a payment standpoint so you can search in the correct price range and also see if there are any issues that you need to clear up before making an offer. A prequalifcation letter is typically good for 90 days. It's an exciting time to be buying a home!
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Katherine Da…, Agent, Atlantic Beach, FL
Wed Mar 25, 2009
Hi Juanita, again :-)

You need to be pre-approved before you start looking because it's important for your Realtor to know your price range. There is nothing more heartbreaking than falling in love with a home you can't quite afford.

A pre-approval is a very important first step for you and your Realtor. When you get ready to offer on a home then you and your mortgage broker will firm up the approval and qualify you. Most sellers want to see your ability to buy with the offer so you'll want to have a current approval with your offer.

The pre-approval process isn't time consuming or difficult.

If you know where you want to live, then it' a good time to choose your Realtor and begin looking at homes s/he can send you from the MLS (Multiple Lisitng Service). Then you can work with the Realtor to make the search for your home fit exactly what you are looking for.

I hope this helps. Again, I look forward to your questions.

If you want to chat further you can always reach me at 904-422-8262 or kdavidson@watsonrealtycorp.com.

Good luck and remember, have fun.

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