When should I get a pre-approval?

When should you get a pre-approval? Timing can be critical when the “right” house comes up.

Providing a mortgage pre-approval letter with your offer will let the seller know you have the financial means and backing to follow through on the transaction.

It also helps set a buyer's budget and reduces stress with advanced preparation.

Getting pre-approved too early in process may not be advised

Mortgage pre-approvals are valid for limited time, generally 30-90 day.

A credit check is required and generates a hard credit inquiry which typically causes a small drop in your credit score.

So, what exactly is a hard credit inquiry?

When a lender requests to review your credit report as part of the application, the request is recorded on your credit report as a hard inquiry. It usually impacts your credit score. Please contact a mortgage professional for details.

How long does it take to get a pre-approval?

It typically takes only 24-48 hours however if you’re self-employed, have limited credit history or if clarification is needed on income/asset documentation, the process could take several weeks.

Bottom Line
Speak with a lender and have a discussion to gauge timing to obtain a pre-approval.

For more information, DM me or call 781-856-4350

Also, check me out on my other site(s):
https://davidlenoirhomes.com/
https://Instagram.com/davidlenoirhomes
https://Facebook.com/DavidLenoirHomes
https://LinkedIn/in/davidalenoir
https://Twitter.com/DLenoirHomes
https://g.page/r/CVI9EdmjLZMpEAE

#arlingtonma #massachusettshomes #realestateupdate #condominiums #homeupdates #homeupdate #marketupdates #massachusettsrealestate #homeselling101 #homebuyingguide #realestatetrends #realestatecontent #homelistings #realeestateservices #homeownertips #equitymarket #realestatemarketingspecialists #davidlenoir #mortgage #guaranteedrate #guaranteedrateaffinity