If there are any people that work in the lending field, or who have been through this process that can help.
My wife and I are preparing to purchase our first home. We would like to get into something within the next 1-1.5 years before our oldest child starts school. We are financially able to get into something now, although it would be tight. We are definitely not in a rush and will only improve our purchasing power by waiting. I spoke to a lending officer at the bank and was told that I shouldn't begin the pre approval process for a mortgage until I am ready, since they run your credit resulting in a nick in your score. The questions that I have are really in regard to obtaining a pre approval just to have it in case something does come onto the market that I would like to jump on.
1-The negative impact of a credit check only lasts 3 months, which is the amount of time that a pre approval lasts, resulting in no negative effects when it comes time to renew the pre approval?
2-Is the renewal process much easier than the initial pre approval process? I was told that getting a pre approval is a PITA
3-If so, what will be updated in the renewal-account balances, pay stubs, etc...?
4-If the renewal process is easier and faster, doesn't it make sense to just get a pre approval to get the PITA work out of the way now? assuming that I can renew every 3 months for as long as I want
5-Is there a limit to the amount of times that I can renew? the lending officer seemed to not think my idea was a good one, however I got the impression that he didn't want to do extra work.
I appreciate any answers, thanks.
My wife and I are preparing to purchase our first home. We would like to get into something within the next 1-1.5 years before our oldest child starts school. We are financially able to get into something now, although it would be tight. We are definitely not in a rush and will only improve our purchasing power by waiting. I spoke to a lending officer at the bank and was told that I shouldn't begin the pre approval process for a mortgage until I am ready, since they run your credit resulting in a nick in your score. The questions that I have are really in regard to obtaining a pre approval just to have it in case something does come onto the market that I would like to jump on.
1-The negative impact of a credit check only lasts 3 months, which is the amount of time that a pre approval lasts, resulting in no negative effects when it comes time to renew the pre approval?
2-Is the renewal process much easier than the initial pre approval process? I was told that getting a pre approval is a PITA
3-If so, what will be updated in the renewal-account balances, pay stubs, etc...?
4-If the renewal process is easier and faster, doesn't it make sense to just get a pre approval to get the PITA work out of the way now? assuming that I can renew every 3 months for as long as I want
5-Is there a limit to the amount of times that I can renew? the lending officer seemed to not think my idea was a good one, however I got the impression that he didn't want to do extra work.
I appreciate any answers, thanks.