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Old 03-11-2008, 01:25 PM
 
186 posts, read 748,776 times
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When should you prequalify for a mortgage? I'm not looking at buying for at least 3 months possibly longer (need to wait untl my current house sells). Is there a time frame I should consider?

Also, how long are most prequalifications good for? If I get preapproved now will that do me any good in 3-6 months? How many places do you prequalify with? We have excellent credit ratings and I don't want to jeopordize it by haing a lot of hits on our report.
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Old 03-11-2008, 04:56 PM
 
Location: Cary, NC
35 posts, read 92,231 times
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Pre-qualify for a home NOW. If there are any issues - you have plenty of time to fix them. It normally takes 20 to 30 minutes on the phone with a loan officer - and then you'll want to come into the office for a full consultation - that can take an hour or longer depending on how many questions you have. It's difficult to say how long the pre-qual is good for. Your credit report is good for 90 days... Unfortunately our guidelines are changing 3 to 4 times a month now - so if you'd been pre-qualified in January - that loan might not be available now. FHA just increased it's loan limits in Wake County to $295K. If you are purchasing a home that might be in the price range - ask your loan officer about it.
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Old 03-11-2008, 07:41 PM
 
Location: northern california
380 posts, read 1,563,319 times
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Quote:
Originally Posted by cjones15 View Post
When should you prequalify for a mortgage? I'm not looking at buying for at least 3 months possibly longer (need to wait untl my current house sells). Is there a time frame I should consider?

Also, how long are most prequalifications good for? If I get preapproved now will that do me any good in 3-6 months? How many places do you prequalify with? We have excellent credit ratings and I don't want to jeopordize it by haing a lot of hits on our report.
I have the same questions. I think your last question is -- does getting prequalified with more than one lender (or doing it too early and thus having to do it again later) count as "hard inquriies" on your credit report, that would lower your score? And sorry if that's not your question -- if it's not, let me just add it to your list.
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Old 03-11-2008, 08:35 PM
 
186 posts, read 748,776 times
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Quote:
Originally Posted by christeen View Post
I have the same questions. I think your last question is -- does getting prequalified with more than one lender (or doing it too early and thus having to do it again later) count as "hard inquriies" on your credit report, that would lower your score? And sorry if that's not your question -- if it's not, let me just add it to your list.
That is exactly what I mean!!!!

We have excellent credit (750+) but I don't want to do anything that could possibly hurt it.
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Old 03-11-2008, 11:34 PM
 
Location: Las Vegas, Centennial Hills
2,013 posts, read 4,620,735 times
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You can have your credit pulled as many times as you need in a 30 day period and it will only count as one inquiry. Credit reports are good for 90 days, but the marketplace is pretty volatile right now. So if you do get pre-qualified now (not a bad idea so you are somewhat aware of your price range and address any possible issues as Eleanor said) realize that alot of things can change in 3 months, and prepare for that.
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Old 03-12-2008, 07:06 AM
 
Location: Palm Coast, Fl
2,248 posts, read 5,907,099 times
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If you know your scores and you know what you can afford then wait until you are ready to go out looking and purchase a home. If you aren't sure what the payment you can afford will get you (say you can afford comfortably a $1200/mo mortgage payment) and are wondering what the price of a house would be, then call a Realtor® or mortgage broker in the area you are buying and ask. They can back into it that way. Once you are ready to buy, go get prequalified. Once you are in contract, shop the loans out and pick one out. For the purpose of buying there is no need to have more than one prequal letter in your hand. For someone not looking to purchase for 3-6 months down the road, there is no reason to get pre-qualed, IMO.
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Old 04-22-2008, 03:32 AM
 
Location: northern california
380 posts, read 1,563,319 times
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Quote:
Originally Posted by palmcoasting View Post
If you know your scores and you know what you can afford then wait until you are ready to go out looking and purchase a home. If you aren't sure what the payment you can afford will get you (say you can afford comfortably a $1200/mo mortgage payment) and are wondering what the price of a house would be, then call a Realtor® or mortgage broker in the area you are buying and ask. They can back into it that way. Once you are ready to buy, go get prequalified. Once you are in contract, shop the loans out and pick one out. For the purpose of buying there is no need to have more than one prequal letter in your hand. For someone not looking to purchase for 3-6 months down the road, there is no reason to get pre-qualed, IMO.
Just re-read this thread and realize it applies to us now. We have not yet found a real estate agent nor contacted any lenders. Since we think we know what we'd be approved for based on our scores, debt-income ratio etc, it sounds like we could wait until we are just about to make an offer to get the preapproval letter to make our offer more attractive. Then, assuming the offer is accepted, we could shop the loan within 30 days of when the credit check was run for the preapproval.

In that case, would it be a good idea to get a pre-qualification letter now just to make sure we're in the ballpark? Or do they run credit checks for pre-qualifications too?

Alternatively, is it worth the ding to the credit score to get the preapproval process started early so, as suggested earlier, any problems with the credit report can be fixed?

Thanks everyone!
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Old 04-22-2008, 05:59 AM
 
Location: Culloden WV
78 posts, read 318,234 times
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Pre Approval letters are a personal preference. My opinion is get one when you know you are going to start looking so you can be sure your credit is where you think it is and there are no errors or problems on your report. Your lender can review the credit report and let you know of possible issues you may face even if you have a good score.

You also want to talk to a lender and get pre approved to at least get an idea on the type of loan you will qualify for and what paperwork you will need to gather.

Consider it, preventative medicine
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Old 04-22-2008, 03:23 PM
 
Location: northern california
380 posts, read 1,563,319 times
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Okay, being the cautious types, I guess we'll get the pre-approval before we start looking. Thanks.
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Old 10-03-2011, 05:14 PM
 
1 posts, read 12,251 times
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being a first time home buyer do they have any deals for them
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