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Mortgage Rates



Got Prequalified For A Mortgage. . HooHa! So How Long Is It Good For?

May 09

filed under: 2nd Home Buyers, Buying A Home, Real Estate, Yada Yada

How Long Is A Prequalifiction For A Mortgage Good ForThe other day I was doing my Google Analytics report, you know the report to see if anyone really visits your website, I think some people say they do but they really don’t. Anyway I came across someone who put into their google search “how long is a prequalification good for”. Hmmm it got me to thinking, what a great question and what a great subject for a short post. Perfect for today because I only feel like doing a short post. So here’s the long and short of  it.

If you have taken the time to get prequalified for a mortgage but have not been able to find the perfect property, you’ve been crunched for time as far as being able to look at properties or you have just put the hunt on the back burner you need to know that because of today’s tight lending standards your prequalification for a mortgage may have kinda “expired”. Because getting prequalified is heavily influenced by your credit report, your prequalification runs the duration of a credit report which is good for 90 days. After 90 days a new credit report will need to be pulled to update your prequalification for a mortgage.

Credit CardsIn addition, if somewhere within the 90 days of your getting prequalified you went and got a couple of new credit cards, made a significant purchase such as a new car, a boat or an airplane (hey boats and planes on the secondary market are really cheap these days, just sayin) your credit would need to be pulled again during the underwriting process. By the way if you are serious about buying a home and did get prequalified pleassse don’t go out and do any of those things. Just not a good idea. . .

Written by Howard Harris