If you get prequalified for a home loan, how long does it last before you need to repeat the process?

Answer 1

Being pre-qualified for a loan is not very much. Pre-qualifications can last or be good for anywhere from 30-90 days.

You need to be pre-approved for a mortgage. In a pre-approved mortgage you have complete a mortgage loan application, present the following as a minmum

A. One month of pay stubs from your employers

B. 3-6 months of bank statements from all the banks you do business with to include 401k statements from your employer

C. W-2 for the last 2 years as well as fed income taxes.

He/she will run a credit check, get you to explain any and all derogative information on your credit report.

Once your mortgage broker has this information he will submit this information to a few of his underwriters to get you an approval.

Once he has an approval from one of his underwiriters, he will issue you a pre-apporval letter. This pre-approval letter is nornally good for 90 days and with additional pay stubs can be extened to another 90 days.

Now you may find a real estate agent to find a home for yourself.

Once you find a home the real estate agent will get you and the seller to sign a purchase aggrement. Your mortgage broker will order a credit report to verify the value of the property.

With a few additional documents it should take about 7-10 working days for you to have loan docs, sign the loan docs and close your mortgage loan.

I hope this has been of some use to you, good luck.

"FIGHT ON"