Builders and sellers take a pre-approval much more seriously. Most builders want one before you sign a contract.
A pre-approval usually lasts about 60 to 90 days. If it runs out, the lender can update it.
What is the difference between pre-qualified and pre-approved?
Pre-qualified is a quick guess from what you tell a lender. Pre-approved means the lender checked your credit, income and bank statements.
More questions
- Is my Credit Karma score the score a mortgage lender sees?Usually not. Credit apps show a different kind of score than the ones mortgage lenders use, so the numbers often do not match.Read the answer
- Will getting pre-approved hurt my credit?A pre-approval pulls your credit, and that can move your score a few points for a short time. Shopping for a mortgage within a short window usually counts as one pull, not many.Read the answer
- Can I buy a new home with bad credit?Often, yes. We can start from as low as 580, and if your score needs a boost, we can help with that for free.Read the answer
- How long do I need to be at my job to buy a house?Lenders like to see about two years of steady work. That does not have to be one job: a new job in the same line of work usually counts.Read the answer