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How long will a preapproval last?

I want to get preapproved now before I buy the washer/dryer I want for the new home and my credit score possibly drops. Can I get preapproved now, put the wahser/dryer on credit and then buy the home a month from now for example? by bakert_knowles751... from Carteret, New Jersey. Aug 13th 2014 Reply


Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

In theory, it is worthless the minute it is written... That is because if your situation changes, the approval is no longer valid. Generally speaking, ALL LENDERS, at the time of final underwriting - so once you've found a house and have an accepted offer, always need to have the most current pay stubs, bank statements, etc. if too much time has gone by, they also need a new credit report. So realistically, if nothing changes, you can have confidence the approval is still valid, no matter how long it takes to find the home. www.Minneapolis-Mortgage.net

Aug 13th 2014
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Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions

There are several rules of thumb to follow when trying to get a home loan: Dont quit your job, dont lower your hours at work, dont buy anything on credit. Dont deposit cash into your bank ect. You want to have the best chances for approval.

Aug 13th 2014
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Your pre approval is usually good for 30 to 60 days, however all your income and debt is re evaluated once you actually find a home and initiate the buying process. So any debt you take on after the pre approval will affect your ratios and could disqualify you for the home purchase. For this reason, any competent loan officer will always advise you to not purchase anything until your have closed on your new loan.. applying for credit ahead of time can cause closing delays, since the lender has to verify how much the monthly debt will be as a result of the new purchase. This will be verified by a monthly statement.. if you don't get a statement for 2 months, then your loan is ultimately delayed until you can get the statement.. it could also cause problems with how much you would ultimately qualify for depending on your income vs. combined outstanding debt, so to simplify the process, it's best you put off the purchases until you actually close.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Aug 13th 2014
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90 days most times. But a few days before closing, the lender will do a credit refresh. And will see the account for the washer and dryer. And that could kill your loan if the payment increases your debt to income ratio. So I'd wait to buy the w/d until your loan is cleared to close.

Aug 13th 2014
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Karen Thompson (msmortgagenj)
#105 ranked lender in New Jersey - 5 contributions

Do not make any large purchases that will incur any inquiries or create a higher monthly payment. Once you are prequalified, it is based on the debts that you currently have. Anything additional will lower that amount you are qualified for and reduce your buying power.

Aug 13th 2014
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Karen Thompson (msmortgagenj)
#105 ranked lender in New Jersey - 5 contributions

Do not make any new large purchases, open any new lines of credit creating new monthly payments, inquiries, etc... after you get prequalified for a mortgage. Any new monthly payments will affect the dollar amount of your buying power.

Aug 13th 2014
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Mona Hulteen (mhulteen)
#22 ranked lender in New Jersey - 49 contributions

Do not buy the washer/dryer right now. Get the house first.

Aug 13th 2014
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Ted Ark (tark@goldmortgage.com)
#31 ranked lender in New Jersey - 37 contributions

I would suggest defer any "large" purchases until after you close your new home. It is common practice for lenders to run your credit a few day prior to closing. Any increase to balances on credit report may result in over extending your debt to income ratios and denying your loan. Why take a chance we you have laid out money for appraisal, title, inspections?

Aug 13th 2014
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