| If you hope to buy a home within the next 6 months (by July), you should get pre-approved soon. You can float your interest rate until you get closer to buying. Then, if rates drop, you can lock in the lower rate. If rates start to rise, you can lock in the current rate before it rises more. Plus, you’re ready to jump on the perfect house if you find it, rather than scrambling for a loan at the last minute. That’s nice peace of mind. If you don’t find a house in the time allotted by the lender’s pre-approval terms, then you may need to provide additional documentation that your finances haven’t changed, and in some cases you may need to start over with a new pre-approval. While that can be a pain, on the plus side, it’ll be easier the second time. What if you have a house to sell first? Do you still need a pre-approval? Yes, you do. Anytime you make an offer on a house—if it involves you getting a mortgage—you’ll need a pre-approval. In fact, it may be even more important if want to put an offer on a new home before selling your current home. If you need a pre-approval, I can refer your to some excellent local lenders. Call or text. (718) 399-3320 |