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.

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