I am a first time homebuyer and in a unique situation. I want to purchase a home, but I have the option to be choosy as I’m not on a time crunch. How do you go about getting a mortgage preapproval and needing to renew it if you don’t buy within three months? I don’t want my credit to be constantly run when information doesn’t change and only money is being added from my w-2 job.

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You could wait until you are ready to make an offer to get pre approved. I’m pretty sure I got my last pre approval within a couple hours.

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You answered your own question. Preapproval is time based, if you don’t submit a home for a loan in that time, you’re going to have to rerun the Preapproval

I get that, but my statement on Preapproval doesn’t care about that. Nonetheless cash buyers get priority. If you’re doing a mortgage you’ll definitely need to pull the trigger sooner than later if you’re in a high comp neighborhood

Honestly you can walk houses and do what you want. A pre-qualification will provide information on rates, and may be enough to have a realtor spend some time with you, etc.
If you are using a realtor, which I assume you are, they often like to have you pre-approved before taking you as a serious client to prevent you from taking up too much of the their time. Since they only get paid when the deal goes through, the pre-approval forces you to have skin in the game.

But honestly even for them, they may show you houses or take you around without one. The pre-approval (or proof of funds) will be mandatory prior to making an offer on any specific home.

Also don’t be afraid to shop around for mortgages. The rates they give you can be negotiated down, especially if you are trying to decide between multiple companies. I dropped my rate 0.25% that way. (That option is available once you are the pre-approval stage and you have made an offer.)

Thank you! You’re right. The agent I’m working with wants a pre-approval. I’m working in a very small 1 mile radius where not a lot of homes go up for sale. Also the fortune one company required return to office and close down a lot of their offices within the US and mandated relocation. Doesn’t help with how fast things need to move initially when the a good property is available.

Do you really need to run pre-approval multiple times? I would run once for the agent, but not continually re-run. Would also show that same one with an offer. Then get actual approval when you have an accepted offer.

Just get run it once and get your eligibility for how much you can buy. Give that to your realtor. If sellers are asking for pre approval for tour and your pre-approval is expired, may be have some kind of proof of funds statement.

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