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How Long To Get Pre Approved All Locations : Nationwide Real Estate Advice

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Showing results for How Long To Get Pre Approved [Clear search]
Wed Apr 3, 2013
Tony Grech answered:
Hi Brittany,
A 10 minute phone conversation followed by providing some income and asset documentation can provide me with enough information to pre-appove you and give you an idea of how much you;d qualify for and what a monthly payment would look like.

Lenders look at income, credit, and down payment as the 3 main factors in approving you.

Once you are pre-approved you can start looking, and once you have an offer accepted the mortgage should take 30-40 days to become fully approved.

Please feel free to give me a call or email me and I can walk you through the steps.

Tony

Tony Grech

Loan Officer -NMLS #966417



WCS Lending, LLC

Tony.Grech@WCSLending.com

Toll Free: 866.936.5363 ext. 278
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0 votes 6 answers Share Flag
Thu Mar 28, 2013
Robert Finger answered:
There are different ways to go your options will be better known after you get pre approved. To get approved you have to get credit ran to determine fico score, liabilities, consumer debt, credit lines, etc. See how much money you have to work with towards down payment and closing cost. Average your last 2 years income and figure out your debt ratiios present and proposed. At that point a better picture can be put together, Some options are fha has low interest rates yet the is mortgage insurance and upfront mortgage insurance attached with those loans. Then there is conventional loans in which you put 20% down you would not have mortgage insurance which is a great savings. Yet not all buyers can afford to go that route or qualify. Another interesting thing besides take the risk of an adjustable rate mortgage is to go with a conventional loan and see how much it would be to buy out the mortgage insurance or take a higher rate from lender to help pay for the mortgage insurance with lender credit. Not all lenders offer mortgage credit to help pay for things like mortgage insurance or closing costs. Fico score loan to value and other items come into play so a deeper individual analysis is needed to better assist you. I would appreciate to speak with you more in depth if you reach out to me. I am both a reaItor and loan officer with much info to share. I hope this was helpful.
Thank You,
Robert Finger
562-577-2888
Dre Lic.#01307561
NMLS Lic#268502
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0 votes 13 answers Share Flag
Sun Mar 31, 2013
Tina Lam answered:
I work with buyers and investors who buy at auctions. There are different types so your answers depend on which auctions we approach.
0 votes 5 answers Share Flag
Sun Mar 31, 2013
Dallas Texas answered:
You are correct regards to all 3 .

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com 100's of Dallas homes listed for sale or lease

Follow me on Facebook
www.facebook.com/lynn911dallas
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0 votes 7 answers Share Flag
Sun Jul 21, 2013
Olga Friedman answered:
Before beginning your search you should have a general idea of what kind of home you are looking for, taking into consideration your budget. You can speak to a real estate attorney who can go over the entire process with you, access your needs and point you in the right direction. Please feel free to contact me, I would be more than happy to help.

Olga Friedman
www.DavisandFriedmanLaw.com
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0 votes 17 answers Share Flag
Mon Mar 25, 2013
Anna M Brocco answered:
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer and see exactly what your budget/expenses can be expected. Keep in mind when purchasing co-ops, boards do have their own financial qualifications that must be met in order to be approved, and each building is different. ... more
0 votes 5 answers Share Flag
Mon Mar 25, 2013
Annette Akey Panzek, Exit Realty Redefined answered:
Hopefully you are represented by an attorney and your own Realtor. Your attorney should be able to give you your legal options. By preforeclosure do you mean it is now a short sale or just that the seller is behind on payments? There is a big difference as a preforeclosure may still close like a regular sale as long as all liens can be paid off. A short sale involves more time and could take minimally 45 days for approval to 3-6 months or more. If the seller's lender thinks the sale price is too low it can reject the sale. If there is more than one lien holder that can delay things even longer since all will need to agree to taking less than what is owed to them. It's important you speak to you Realtor & attorney to find out all the facts and circumstances of the seller's position. ... more
0 votes 6 answers Share Flag
Sun Jun 18, 2017
Jory Blake answered:
Ok, quick question for your lender....Did you verify the recording date of the foreclosure before telling me I could obtain a loan?

It is easy to print out a pre-approval letter and get everyone scurrying about showing homes and writing offers.

I have encountered something similar with a great buyer and discovered that if the lender would have taken the time ENSURE the client was "good to go" , it would have saved them significant money and avoided a great deal of stress and disappointment.

Please post your answer so other buyers can avoid this ...

Jory Blake
951.742.3751
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0 votes 29 answers Share Flag
Wed May 21, 2014
Solomon Greene answered:
You may be at a good starting position, but there is more to be considered. Please don't attempt to answer any of these questions here, but think about them carefully.

1. Did a mortgage lender provide this credit score? Is 642 the median of all three or just one?
2. What is your income? Is it reliable?
3. If self-employed, have you been so for at least three years and kept good records?
4. Are you current on those student loans?
5. Have you been current on any other debt that you may have had over the past 12 -24 months?
6. Are those student loans in deferment for over 12 months?
7. If not, what is your debt-to-income ratio including those student loans?
8. Do you have the funds for a down payment?
9. Have you filed your 2010, 2011 and 2012 tax returns?

In addition, you'll find a list of items that are typically requested by the lender at http://goo.gl/ZtaZS .

I'd welcome the opportunity to speak with you about buying a property and provide a list of lenders to help you arrive at a decision about whether this is the best time for you to consider a home purchase.

All my best for a successful home search.

Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
(678) 775-2677
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0 votes 7 answers Share Flag
Sun Feb 19, 2017
Thierry Abel answered:
The reason the bank claim Title so late in the process is because they cannot foreclose without sustained delinquency. This is why they don't immediatly "take the house back" when your BK is discharged.

It seems that FHA should allow for this loan as long as, and per their guidelines; "provided the reason for the bankruptcy was due to extenuating circumstances, and the borrower hasexhibited the ability to manage their financial affairs, and the reason for the bakruptcy is not likely to happen again.."

Cheers
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0 votes 4 answers Share Flag
Thu May 29, 2014
Anna M Brocco answered:
When shopping for a home, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Generally a pre-approval means that the lender is ready to make the mortgage based on the information/documentation provided at the time; whereas a pre-qualification generally is an estimate of how much can be borrowed based on your information. ... more
0 votes 12 answers Share Flag
Sat Mar 23, 2013
Jonathan and Theresa Mack answered:
It all depends on the lender but in my experience 60-90 days is pretty common.

If you'd like the a recommendation for some lenders who have great rates and closing costs feel free to give me a call or shoot me an email!

Theresa Mack
Coldwell Banker
(858) 230-4850
theresakmack@gmail.com
www.mackrealestate.com
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0 votes 7 answers Share Flag
Fri Mar 22, 2013
Klaus Illian answered:
Forget FHA financing if you plan to buy in the $700-800k range. The FHA limit in this area is a little over $275k. A good local lender can give you the details. I can refer you to one but feel free to use anyone you want. I am sure I could help you. Do you want to meet for coffee on day next week?

Klaus Illian
Wood Brothers Realty
5600 Hampton Ave.
St. Louis, MO 63109
314-541-4615
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0 votes 5 answers Share Flag
Fri Mar 22, 2013
Simon Campbell answered:
The purchase of your home is one of the largest purchases you will ever make. So, do not worry about taking your time to find just the right house. Your real estate agent is working for you. As long as you have been upfront with exactly what you are looking for, then your agent should not get annoyed.

They are probably frustrated that they cannot find you a good home. Maybe they are even hoping you will not get annoyed with them.

Continue to work together and you will find the right home. You could look at FSBO's, many will accept are realtor's offer and pay 3% commission to them.
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0 votes 9 answers Share Flag
Thu Mar 21, 2013
Rodney Mason answered:
Hi Jocelynn,
All loan programs today require a verified continuous 24 month employment history in the same line of work, but not necessarily with the same employer. There are only a very few of exceptions to that rule. Those exceptions are as follows:

1. If you are a recent college graduate, you can use your time spent in college to make up part up the 24 month history. A copy of your college transcripts and your college diploma will be required.
2. If, within the last 24 months, you have had a 6+ month gap in employment, then you must be employed at least 6 months since that gap ended.
3. For someone with a longer break in history, the same 6 month rule is followed, but a full 24 month employment history from previous employers must be verified.

For someone who is salaried or hourly, you generally must be employed at least 30 days with the current or new employer. This is due to the fact that a pay stub reflecting at least 30 days of YTD income is going to be required prior to closing.

If you are paid by anything other than a W-2 (i.e. a 1099, self-employed, etc), then you must have 24 months of receipt of that type of income. Some exceptions are possible if your current employer switched your compensation from W-2 to 1099 or commission.

Closing on a mortgage prior to starting a new job with a new company is only considered on a case by case basis for certain fields. Generally, a non-revocable employer agreement confirming your new salary, position, and start date will be required.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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0 votes 6 answers Share Flag
Fri Mar 22, 2013
Maggie Harper answered:
It seems that 1 in 3 of every properties I plan to show is under contract!
0 votes 9 answers Share Flag
Tue Mar 26, 2013
Retta Treanor answered:
Did your agent mark the box that says "loan contingency shall remain in effect until designated loans are funded" ? On California contracts we have this item. If your contract has this on it you may be able to cancel and still retain your deposit....... ... more
0 votes 21 answers Share Flag
Thu Jan 16, 2014
Elissa Goode Hackerson answered:
Hi there, the commute between Fair Oaks and Haymarket in rush hour can be 25-45 depending on weather, accidents, etc.

please contact Deliea Roebuck at sweethomeva.com or 703.505.5252 to explore housing in your preferred area. Take a read at the client testimonials on her site, so you can get a sense of how hard she works for her clients.



Good luck!
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0 votes 11 answers Share Flag
Sat Jun 1, 2013
Chris Chin answered:
Brianna,

Proof from your lenders should suffice underwriters requirements. But it is best to ask your loan officer to give you specifically what the underwriters need to satisfy the requirements as they can differ lender to lender. Contact me if your current lender will not give you a pre-qual or pre-approval letter. I work with a few good local lenders.

Chris Chin
Seaside Realty
chin.finance@gmail.com
(805)258-2870
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0 votes 9 answers Share Flag
Wed Mar 20, 2013
Richard Shapiro answered:
Talk to Andrew Adams at Wells Fargo.
0 votes 5 answers Share Flag
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