Is there a time limit on this? I mean if FH and I go in January and don't buy until August does it still stand up or is it better for us to wait?
you can usually lock in a rate for 60 days- but mortgage pre-approval is longer- it just means if everything stays the same you are eligible for a mortgage.. if you have any questions, fm me- i also have an excellent mortgage broker that i work with who may be able to assist you and I can help you if you need help looking for a place. gl
So basically as long as we don't go into any more debt then we should be okay?
My mortgage broker was only able to lock in my rates for 90 days. It also depends on the bank that's giving you the mortage, because it varies from bank to bank. I would check with your mortage broker first and if they can't hold the rates till August, then you'd have to do the entire process again.
i was under the impression that a pre-approval basically means nothing. what youll eventually need is a commitment letter. a pre-approval i think, is just the mortgage agent telling you you shouldnt have a problem, i dont think it has anything to do w the actual banks that will be funding.
when they lock in the rate and send all ur info to the bank, that is what expires. again, i think, lol. we just went thru the whole process so im trying to remember all the details about that stuff.
Posted by JACSANT
i was under the impression that a pre-approval basically means nothing. what youll eventually need is a commitment letter. a pre-approval i think, is just the mortgage agent telling you you shouldnt have a problem, i dont think it has anything to do w the actual banks that will be funding.
Posted by futuremrsfab
well its not the debt per se- its your debt to asset ratio that matters- and also how much available credit you have- dont close any credit cards ever- the banks actually look at your totals- so if you have $5000 in credit card debt for example & three credit cards and your limits on them add to $25000- that would be 20% credit.
i great book for debt is the robert kiyosaki one on debt reduction- FH and I were able to wipe out all our debt within 6 months using the techniques (and believe me we had a lot with school loans, etc).
Posted by JACSANT
i was under the impression that a pre-approval basically means nothing. what youll eventually need is a commitment letter. a pre-approval i think, is just the mortgage agent telling you you shouldnt have a problem, i dont think it has anything to do w the actual banks that will be funding.
Posted by futuremrsfab
well its not the debt per se- its your debt to asset ratio that matters- and also how much available credit you have- dont close any credit cards ever- the banks actually look at your totals- so if you have $5000 in credit card debt for example & three credit cards and your limits on them add to $25000- that would be 20% credit.
i great book for debt is the robert kiyosaki one on debt reduction- FH and I were able to wipe out all our debt within 6 months using the techniques (and believe me we had a lot with school loans, etc).
