Comments on: How Long is a Preapproval Letter Good For? http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/ Seattle's Leading Resource for Real Estate Information Sat, 20 Mar 2010 05:05:28 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326789 Rhonda Porter Sat, 18 Oct 2008 00:40:20 +0000 http://raincityguide.com/?p=2546#comment-326789 Another reason to re-check a preapproval letter/buyer...if their down payment/closing costs are coming from the stock market. :( Another reason to re-check a preapproval letter/buyer…if their down payment/closing costs are coming from the stock market. :(

]]> By: Mortgage Interest Rates for Puyallup and Beyond « A Generous People - Puyallup http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326376 Mortgage Interest Rates for Puyallup and Beyond « A Generous People - Puyallup Thu, 09 Oct 2008 21:01:43 +0000 http://raincityguide.com/?p=2546#comment-326376 [...] 9, 2008 by rhondaporter The mortgage guidelines continue to tighten and change.  If you have a preapproval letter that is over 10 days old, you may want to check in with your loan originator to make sure it’s still valid.  Even if [...] [...] 9, 2008 by rhondaporter The mortgage guidelines continue to tighten and change.  If you have a preapproval letter that is over 10 days old, you may want to check in with your loan originator to make sure it’s still valid.  Even if [...]

]]> By: Rhonda Porter http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326370 Rhonda Porter Thu, 09 Oct 2008 20:28:31 +0000 http://raincityguide.com/?p=2546#comment-326370 Another reason to update your preapproval: if your down payment was coming from the stock market. What a gross day with the DOW down 678. :( Another reason to update your preapproval: if your down payment was coming from the stock market. What a gross day with the DOW down 678. :(

]]> By: Pre-Approval, please http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326319 Pre-Approval, please Wed, 08 Oct 2008 22:36:05 +0000 http://raincityguide.com/?p=2546#comment-326319 [...] so I love it when lenders say what I would say if I knew enough about lending to say it! Recently, Rhonda Porter penned a timely reminder about pre-approval letters over at Rain City Guide.  In a topsy-turvy market, we need the most info and the most RECENT info [...] [...] so I love it when lenders say what I would say if I knew enough about lending to say it! Recently, Rhonda Porter penned a timely reminder about pre-approval letters over at Rain City Guide.  In a topsy-turvy market, we need the most info and the most RECENT info [...]

]]> By: Rhonda Porter http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326136 Rhonda Porter Fri, 03 Oct 2008 21:41:28 +0000 http://raincityguide.com/?p=2546#comment-326136 Reba, you bring up a good point: I recommend that listing agents request preapproval letters to be updated (no more than 2 weeks old). Reba, you bring up a good point: I recommend that listing agents request preapproval letters to be updated (no more than 2 weeks old).

]]> By: Reba Haas http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326135 Reba Haas Fri, 03 Oct 2008 21:34:38 +0000 http://raincityguide.com/?p=2546#comment-326135 Hi Rhonda, I was happy to see you post this and to make a comment about the length of time these letters are valid. Most of the lenders I've ever worked with have usually had 30 days as the timeline but occasionally we'd see longer, but not often. Lately, we have recommended that clients be in touch with their lender weekly to make sure the changes going on haven't negatively impacted them for buying. Hi Rhonda, I was happy to see you post this and to make a comment about the length of time these letters are valid. Most of the lenders I’ve ever worked with have usually had 30 days as the timeline but occasionally we’d see longer, but not often. Lately, we have recommended that clients be in touch with their lender weekly to make sure the changes going on haven’t negatively impacted them for buying.

]]> By: Rhonda Porter http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326076 Rhonda Porter Thu, 02 Oct 2008 19:21:45 +0000 http://raincityguide.com/?p=2546#comment-326076 Hi Debra and Russ, selecting a mortgage professional by experience rather than rate is drum I often beat around here. :) If you're working with someone ethcial and professional, a competitive rate should be automatic. Credit is more important than ever. Hi Debra and Russ, selecting a mortgage professional by experience rather than rate is drum I often beat around here. :) If you’re working with someone ethcial and professional, a competitive rate should be automatic. Credit is more important than ever.

]]> By: Debra http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326075 Debra Thu, 02 Oct 2008 19:10:15 +0000 http://raincityguide.com/?p=2546#comment-326075 Hi Rhonda, This is such an important topic, I attended a class on FHA financing this week and it was interesting to see how so many things can affect your credit. It's important to keep your credit card balances below a certain level, not go a dime over your credit limits, and possibly not close credit cards. I'm just mentioning a few of the things that came up in this class. I agree with Russ. I came away from this class thinking buyers have to "shop" for a lender based on knowledge and experience. Things change from moment to moment and the person who handles the loan has to be proactive and on top of these changes. I also like your idea about getting a pre-approval letter specific to an offer. I often tell my buyers to get several letters, so when an offer is written, we can use the one that fits. Hi Rhonda,

This is such an important topic, I attended a class on FHA financing this week and it was interesting to see how so many things can affect your credit. It’s important to keep your credit card balances below a certain level, not go a dime over your credit limits, and possibly not close credit cards. I’m just mentioning a few of the things that came up in this class.

I agree with Russ. I came away from this class thinking buyers have to “shop” for a lender based on knowledge and experience. Things change from moment to moment and the person who handles the loan has to be proactive and on top of these changes.

I also like your idea about getting a pre-approval letter specific to an offer. I often tell my buyers to get several letters, so when an offer is written, we can use the one that fits.

]]> By: Russ http://raincityguide.com/2008/10/01/how-long-is-a-preapproval-letter-good-for/#comment-326074 Russ Thu, 02 Oct 2008 19:00:25 +0000 http://raincityguide.com/?p=2546#comment-326074 Great topic. Unfortunately, I find that about 80% of home buyers really never get pre-approved - as in the file has been formally underwritten. In this market it is more important than ever to ensure there is a solid approval BEFORE even thinking about making an offer on a property and getting into contracts. It also isn't about interest rate, it is who actually can close the loan. Sometimes I feel like I am paddling up river.... Great topic. Unfortunately, I find that about 80% of home buyers really never get pre-approved – as in the file has been formally underwritten. In this market it is more important than ever to ensure there is a solid approval BEFORE even thinking about making an offer on a property and getting into contracts. It also isn’t about interest rate, it is who actually can close the loan.

Sometimes I feel like I am paddling up river….

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