Your Questions About Home Loan Pre-approval

Lizzie asks…

how much does it hurt your credit to be ran for a home loan pre approval letter?

I was just wondering how much would it hurt your credit for it to be ran for a home loan pre approval letter?

John answers:

All credit pulls within a 45 day period for home and auto loans is considered one inquiry only when it comes to FICO scores. They allow this so you can do rate shopping. A hard pull on your report affect you only 5-10 points for 1 year. After that it has no effect on your FICO scores.

Daniel asks…

How long does your home loan pre-approval last?

I’m looking into buying a home, but not quite looking or ready yet, but I was going to go get a loan approval to see at least how much I can afford. If I get pre-approved now, how long do I have to actually take on the loan? I don’t want to get pre-approved now, have it expire and then have to get pre-approved again later and have my credit score drop.

John answers:

30 days. But, the bank may give you an extension for another 30 days if they feel there’s a good reason to extend it, like a pending sale.

Maria asks…

What do I need to take to the bank for a pre approval home loan?

My husband and I are going to talk to someone tomorrow morning to start the process of buying our first home and I have no idea what I need to take besides pay stubs but not even sure how many pay stubs I need to take….help and thank you lol

:)

John answers:

Usually 2-4 weeks of pay stubs, 2yrs of tax returns, 2 months of all bank statements if you have a 401k or any ira or other investments take the most current statements or print your current balance. That’s pretty well it. If they need more they will let you know what else. If you receive child support then bring in a statement of what you receive if you plan on using that as income.

Sharon asks…

what recourse do i have for a false home loan pre approval letter?

the loan officer herself wrote the letter but didnt submit anything through the loan company. our realtors are now saying that if we dont get approved they can put us in a lease to own home. our realtor says she has lost five other sales because of this.

John answers:

I partially agree with Mike above, but not entirely…Bank Fraud is serious…she wrote a fraudulent letter. Therefore, call the company district office and discuss that you are meeting with your attorney about the potential fraud which just occurred. (They don’t like that word). Whatever supervisor you speak with should be interested enough to take the name of the person and “A COPY” of your original pre approval letter. Then they will probably bend over backwards to help get a loan… And since you have an upper hand (possibly) you will be able to negotiate a lower rate or lower/no points or lower closing costs (not factored into the loan’s principle.) Good luck.

James asks…

What types of things do you need to present to get a pre-approval for a home loan?

My boyfriend and I are starting to look at houses. We want to get a pre-approval amount for a home loan so we know about how much we can spend for the house. What types of things do we need to bring to the bank or to a loan agency?

John answers:

Okay, looking at an application form online it asks for info such as:

How much do you want to borrow?
Is this a single or a joint application?
Is the loan to buy a home or refinance your existing mortgage?
What is the value of the property you are looking to purchase?
Is the loan for Land only or both Land and House?
Where is the property located?
Will this be your principal residence?
Is this your first home?

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