Buying A Home
chicagobride_07
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
When should we get pre-approved?
So, I've already talked to a mortgage broker preliminarily about financing. He only does written pre-approvals (no pre-quals).
I am debating on when we should go through the process, which is good for 90 days.
We'd like to be in a new house by the late Spring. We currently own a condo, but don't need to sell right away to buy.
If we go through the pre-approval process now, and don't place an offer on anything before April (when the pre-approval would expire) what are the downsides?
I'm assuming that we'd need to get pre-approved again and that might damage credit, correct? My husband and I both have scores around 790, and I don't want to do anything to lower them.
Beautiful baby girl born at 34 weeks due to vasa previa. Finally home after 15 day NICU stay!
Re: When should we get pre-approved?
My suggestion.....instead of looking at how much the bank will let you borrow, look at how much you can honestly afford. And by that, I mean figure out your monthly expenses and what kind of mortgage payment you can afford to pay without stressing yourself out.
Then start looking at houses in that price range.
My credit score when I purchased was in your range and when I was looking the bank was willing to let me borrow more than I was willing to borrow. Also remember to factor in room for an emergency fund and unexpected expenses (ie. a new roof, new HVAC system, etc). These things do come up.
Thanks- we already know how much we can afford (we've owned both a condo and home in the past) and have been looking at properties in that range (open houses, etc.) for the past couple of years.
I spoke with our mortgage guy, but only in generalities only at this point.
We really need to buy in the next 6 months, and I'm assuming that we need pre-approval to be taken seriously by any sellers or realtors. Maybe I am wrong. I just don't know how long it will take us to find something and I'm wondering what negative impacts there will be to us if we don't find something we like within the 90 days allowed.
Since you have "a mortgage guy" who I'm assuming you plan to use, I would ask him how his pre-approvals work. With my bank when I called to pre-qualify they didn't do a credit check at that time. The credit checks weren't run until I actually applied for the mortgage. I did however get something from the bank saying that I pre-qualified for that amount.