You did the responsible thing. You talked with a lender, submitted your financial information, received a mortgage pre-approval, and started looking at homes.

Then three months go by and you're still looking.

Is that original pre-approval still good?

Maybe—but this is something buyers should check before falling in love with a house.

Mortgage Pre-Approvals Have a Limited Life

A mortgage pre-approval generally isn't valid indefinitely. How long it remains usable and what needs to be updated depends on the lender, loan program, and buyer's circumstances.

That's why one of the questions you should ask your lender when receiving a pre-approval is simple:

How long is this pre-approval valid, and what will you need from me if my home search takes longer?

Home searches don't always happen quickly, particularly when buyers have specific requirements.

Someone searching for acreage near Elk City, for example, may have fewer properties to choose from than someone looking for a typical residential home. A buyer who needs a large shop, particular school location, several acres, or a specific price range may also search longer.

Your Financial Situation Can Change While You're Looking

Your pre-approval is based on financial information from a particular point in time.

During your home search, your income, debt, credit, available cash, interest rates, or lending requirements could change.

This is also why buyers are often advised to talk with their lender before making major financial changes while shopping for a home.

Buying a vehicle, opening a new credit account, changing employment, or taking on additional debt could potentially affect financing. Your lender—not your REALTOR—is the person who should advise you about how a financial decision could affect your particular loan.

Check Before You Make an Offer

You don't want to spend months searching for homes in Elk City or Altus, finally find one you love, and then discover that your financing information needs to be updated.

Stay in communication with your lender throughout the search.

Your lender handles the financing side. Your REALTOR helps you navigate the property search, offer, contract, inspections, deadlines, and other real estate portions of the transaction.

Having both pieces in place can help you be better prepared when the right home finally comes along.

 

Exploration Realty works with buyers throughout Elk City, Altus, Western Oklahoma, Southwestern Oklahoma, and surrounding communities. Whether you're searching for a home in town, acreage, or rural property, our REALTORS can help you navigate the real estate side of the buying process.