Want to know how far in advance you can get a mortgage? Technically, it’s not possible to get a full mortgage in advance in the sense of having a finalized loan ready to go before finding a home.
However, the best option to get a mortgage as soon as possible is getting a pre-approval letter. In this post, Chris Schmidt and our Houston real estate experts at Your Home Sold Guaranteed Realty - Chris Schmidt Team will discuss how soon you can take this crucial step in the home-buying process.
Key Takeaways:
- A pre-approval letter only lasts for a certain amount of time before it expires. The amount of time before it expires varies from lender to lender, but the average is usually 60 to 90 days.
- Depending on how many lenders you visit, you may want to start the pre-approval process a few weeks or a month in advance of when you’re looking to receive your letter, so that you have it in time for house-hunting.
- As part of the pre-approval process, lenders will perform a hard credit check. If you visit multiple lenders to compare their terms and rates, this could have a negative impact on your score. For this reason, it’s ideal to visit multiple lenders within 45-days.
How Far in Advance Can I Get a Mortgage?
A pre-approval letter only lasts for a certain amount of time before it expires. The amount of time before it expires varies from lender to lender, but the average is usually 60 to 90 days. It’s important to consider this time limit when deciding how soon to apply for pre-approval.
Before you apply, make sure that you’ve visited multiple lenders to compare loan terms and interest rates. Depending on how many lenders you visit, you may want to start the pre-approval process a few weeks or a month in advance of when you’re looking to receive your letter, so that you have it in time for house-hunting.
What Should I Know About Applying For Pre-Approval?
As part of the pre-approval process, lenders will perform a hard credit check. If you visit multiple lenders to compare their terms and rates, this could have a negative impact on your score.
For this reason, it’s ideal to visit multiple lenders within 45-days. If all the credit checks happen during this period, they’ll be treated as one inquiry and won’t harm your score.
After you apply, the process of getting the pre-approval letter itself can take anywhere from seven to ten days. The exact amount of time depends on your financial situation and the lender.
In some cases, it can be a good idea to visit a lender several months or even a year in advance of when you want to purchase a home.
This option is worth considering if you know you need to improve your finances before the purchase and want to work with the lender to do so. They can give you tips on how to improve your financial situation and what to do to receive pre-approval once you’re ready to start the home-buying process.
However, keep in mind that pre-approval does not guarantee final loan approval, and you’ll still need to complete the full application process once you’ve chosen a specific property.
]Learn all about the Mortgage Loan Process with our in-depth guide
Chris Schmidt Can Find the Market Value of Your Houston Home Easily
Getting pre-approval starts with finding a great lender. At Your Home Sold Guaranteed Realty - Chris Schmidt Team Chris Schmidt and our team have years of experience working with home buyers in Houston and have connections to all the top lenders in the area.
With access to 220+ lenders that have hundreds of loan products, these lenders compete for your business. Plus, our familiarity with the local market trends, as well as our legendary customer service, are why we’ve developed a reputation as the best realtor in Houston. In addition, we have connections with all the top lenders in the area and also provide unique buyer guarantees that make it risk-free to purchase a home.
When it comes to securing a mortgage, shopping around and comparing offers from different mortgage lenders can potentially save you thousands of dollars over the life of your loan. By taking the time to evaluate interest rates, fees, and overall costs, you can make an informed decision that aligns with your financial goals.
To learn more about working with our team, give us a call or text at 713-322-5604. You can also fill out the form on this page or send a message to [javascript protected email address].
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