Pre Approval Expiration / Necessity
Started by tpushbklyn
over 14 years ago
Posts: 137
Member since: Mar 2009
Discussion about
I got a mortgage pre-approval letter in June which has now expired. How difficult is it to get this renewed every six months if you haven't found a home yet? Also, is there any propriety involved in the expectation that you'll work with a bank/broker who pre approves you? I will have no trouble in securing a loan, but this has been a cumbersome part of the process .. are there not equally solid ways to assure a seller of your substance? Also, is it essential to work with a New York bank when securing a loan for a NYC purchase? What if you have a more established relationship with a branch out of state. I'm guessing there's an obvious answer to this question that I've overlooked ..
you can get a "refresh" from the same broker within minutes if you have a relationship with them. as long as they do business in NY, the location is irrelevant.
i just got a pre-approval, then the agent asked it to be for the specific amount and down payment. within 2 hrs i had it in my mailbox.
Thanks for the answer, ab. I have no intention of moving forward with the mortgage broker or bank who pre-approved me .. this is why I was asking if there was any propriety or 'expectation' there.
none. i was in contract for a short sale and went through 3 banks until i got my deposit back.
I agree with ab...can get the refresh easily if you're still in good standing.
I don't think there'd be an expectation you still work with the same mortgage broker. You should have the option to shop. good luck