Real estate agents will often recommend that their clients apply for a mortgage preapproval instead of looking for homes without it. A preapproval means that you are ready to get serious about homeownership, and it is an essential step before trying to purchase a property. Before applying for a preapproval, though, it’s important to know what you’re getting into. Preapprovals generally only last for 90-120 days, and the specific duration will depend on the lender. Here’s what you need to know about finding the financing needed when buying a home.
What’s the Use of a Mortgage Preapproval?
When you’re preapproved, a lender says they’re willing to lend you a certain amount of money to cover your home purchase. You’re effectively guaranteed you can buy as long as you’re ready to accept the terms set forth on the preapproval letter. It means you can shop with confidence, knowing you’re not going to find something you love but can’t afford or get the money you need to make an offer.
Why Should You Get One?
Instead of spending your time looking at properties only to find out you can’t actually afford them or having your heart set on one deal only to realize you couldn’t actually get a mortgage. Preapproval is a way of avoiding disappointment. It allows you to narrow down exactly what you want, make an offer, and be confident it will be accepted. It’s less work, and it saves everyone time.
How Long Is a Preapproval Valid?
Preapprovals can last anywhere between 90-120 days so it’s important to know how long your preapproval letter will be valid. Mortgage preapproval is only suitable for a certain amount of time, and after that, you’ll have to go through a full mortgage application process if you want to continue looking for and buying a home. The good news is that you can go through the preapproval process multiple times.
What Happens After It Expires
If your preapproval expires, you won’t have to start from scratch. The same lender can refresh a few details on your file and issue another preapproval valid for another 90-120 days. We will adapt and make the process as quick and simple as possible.
Kansas City Mortgage Broker
A mortgage preapproval can definitely help ease some stress throughout the homebuying process. However, it doesn’t mean you should start writing checks. You want to know exactly how much you can afford and if it will cover your home purchase. It’s a huge step in buying a house, but it’s just one step. Don’t make a final decision without getting a full preapproval. Getting preapproved for your mortgage plan is a crucial step in the homebuying process. It can take some time, but it’s an important step to make sure your offer is going to be accepted. It takes some work, but it can make the rest of your home-buying process much smoother. If you require a reliable mortgage lender in Kansas City and beyond, you have come to the right place! We’ll help you get the home of your dreams so call us today at (816) 631-9687 and our team will give you a free quote and assist with any questions.
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