How to Keep Your Preapproval Letter

Getting pre-approved is step 1 in the homebuying process. But, sometimes finding the right home for you can take longer than you expect. How do you ensure that your preapproval letter is valid while you’re on your house hunting journey?

To ensure your pre-approval remains valid, please keep the following in mind:

Avoid Major Financial Changes:

It's crucial that you avoid making any major financial changes during the home buying process. This includes:

Employment Changes:

Do not change jobs, quit your job, or become self-employed without first consulting your lender. Stability in your employment and income is key.

Large Purchases:

Refrain from making any large purchases, such as a new car or furniture, as this can impact your debt-to-income ratio and jeopardize your pre-approval.

Opening New Credit Accounts:

Do not open any new credit cards or take out any new loans, as this will also affect your credit profile.

Stay in Touch with US:

Maintain open communication with The Pisano Team. Inform us of any changes in your financial situation and be responsive to any inquiries. We want to be proactive, not reactive. It makes the loan process much smoother!

By following these guidelines, you can help ensure your pre-approval remains valid as you continue your home search. In any case, a pre-approval is good for 4 months. At which point, we will need to renew.