We have a flexible timeline for purchasing a home: if the perfect one came on the market now, we'd make an offer, but we're also fine staying in our month-to-month rental for 12+ months. Most of the inventory in our area sells in the Spring/Summer so I anticipate that's the most likely timing.
Desirable houses in this market often list on a Friday, show over the weekend, and request best/final offers by Monday.
We have 20% down, no debt, credit >800. Based on this, I hadn't originally planned to bother with a pre-approval early in our timeline, but seeing an open house last weekend made me realize that it wouldn't be a bad idea to get our ducks in a row in case the perfect house comes up and I need a pre-approval letter over a weekend.
I spoke with a mortgage loan officer today who confirmed that pre-approvals are valid for 4 months and can be updated easily. Do people actually do this, though - renew pre-approvals so that when they make offers they have one that's valid?
Desirable houses in this market often list on a Friday, show over the weekend, and request best/final offers by Monday.
We have 20% down, no debt, credit >800. Based on this, I hadn't originally planned to bother with a pre-approval early in our timeline, but seeing an open house last weekend made me realize that it wouldn't be a bad idea to get our ducks in a row in case the perfect house comes up and I need a pre-approval letter over a weekend.
I spoke with a mortgage loan officer today who confirmed that pre-approvals are valid for 4 months and can be updated easily. Do people actually do this, though - renew pre-approvals so that when they make offers they have one that's valid?
Statistics: Posted by tothemoon123 — Tue Jan 14, 2025 3:54 pm — Replies 0 — Views 20