That was the question a client asked because it was taking a while finding the right piece of Metro Detroit real estate. They have been looking in Southfield, Warren, and Farmington. Here was my response.
You should ask your mortgage rep they will be the expert on how long their pre-approval is good for. Usually your pre-approval letter is only good for 90 to 120 days. So long as your situation doesn’t change you should be able to continue to look. If you look for a long period it doesn’t hurt to check in with your mortgage person to verify you are good. I would recommend to do that every 90 days. So long as you don’t lose your job, have a reduction in pay, or incur more debt you should be able to qualify for a mortgage.
You have to realize you are getting a mortgage pre-approval letter. It doesn’t mean you have a mortgage approval. You still have to submit everything to be reviewed by the underwriter. They have to approve the appraisal, and the title work too. If you quit your job, or run up your credit cards, or buy a new car you could be denied a mortgage. So stay status quo. Don’t go on a spending spree….actually you should be trying to save a little more while looking for a house. I hope this helps. Feel free to call me with any questions or email me again.
Russ Ravary your Metro Detroit real estate agent
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