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How Long Does A Mortgage Pre-Approval Last?

November 2, 2020 | By Reef Merhi

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Being pre-approved for a mortgage in Houston will make the process of buying a home easier for you. Once you have your letter of pre-approval, sellers are more likely to see you as a qualified, serious buyer.

It takes time to gather all the documents needed to get pre-approved, but it’s worth the effort.

Here’s what you should know about getting pre-approved and how long your pre-approval letter lasts in Houston.

What is Pre-Approval?

As part of the Pre-approval process, you lender will run a credit check and take a look at your financial situation. Factors like income, employment, and assets help your lender determine how much they can pre-approve you to borrow, or if they can pre-approve you at all.

Do not confuse pre-approval with pre-qualification. Pre-qualification is an unofficial estimate of how much you may be able to borrow. The standards for prequalification are much lower.

How Long Does a Mortgage Pre-Approval in Houston Last?

Once your lender issues a letter of pre-approval, it’s best to start shopping immediately. All mortgage pre-approvals expire, and most are only valid for sixty to ninety days.

To maximize the time before your pre-approval expires, have an idea of what you’re looking for in a home before seeking pre-approval.

If you know what you want in your home, you can make sure to only see houses that are a good fit for you. Three months isn’t a lot of time, but luckily, having a letter of pre-approval in your hand will make the buying process move much faster.

Don’t procrastinate once you get pre-approved. Find a good agent and start shopping!

How to Get a Pre-Approved for a Mortgage in Houston

Getting pre-approved for a mortgage in Houston requires a little time and effort on your part. If you want your lender to issue a pre-approval on the same day you meet with your lender, take the time to compile all the required documents before you go in.

Also, it’s smart to pay off your debt and have your down payment in your bank account before you go to get pre-approved.

Your lender will ask you to bring documents that verify your identity, income, and assets.

Here are just a few of the documents you need to bring with you.

  • Your driver’s license
  • Your social security card
  • Tax returns from the past two years
  • W-2 forms and pay stubs
  • Bank statements
  • Asset account statements
  • Employment verification

Ready to start the pre-approval process? We’ll be happy to help.

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