Getting a pre-approval letter is an essential part of your search and purchase of a home. A pre-approval letter from your bank tells sellers that you are approved for a loan up to a certain amount, are serious about purchasing a home, and have a lender supporting you.
When your pre-approval letter expires, you might wonder what the next steps are, especially if you are still searching for a home.
As your lender should have told you, pre-approval letters are not forever, lasting from 30-120 days, depending on your lender. The reason being, banks and sellers need the most up-to-date information about you and your finances:
If pre-approval letters did not expire, then sellers would have no way to determine if the amount you claim to be approved for is current.
When your first pre-approval letter expires, you will need to apply for another one before you can continue forward. You should also think about whether you want to reapply or wait to remove some debt and build up your savings for a down payment and closing costs.
If you do with to reapply, the process is not hard. Simply provide your bank with up-to-date information about your finances. If approved, you will be given a new pre-approval letter, expiration date, and loan amount.
The expert agents at Smart Mortgage stand ready to help you get pre-approved for a home loan and help guide you to the home of your dreams.
Investment property owners are often keen on renting out a home as soon as possible to get a return on their investment. Before they can do that, the home must first be prepared. Here are five tips investment property owners like yourself need to know to prepare your properties for renters:
You may qualify for a mortgage interest credit depending on your annual income. Mortgage interest credit is a mortgage assistance program that allows home buyers to claim a dollar-for-dollar tax credit. This tax credit can be up to $2,000 for a portion of their mortgage interest.
When a pending home on the market goes back to an active listing, those searching for a home will wonder why the sale fell through. Was there something wrong with the house? In this blog post we will explain the top three reasons why a property can go from pending to no longer being under […]
