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