Wether in a buyers market or a sellers market in Northern VA, you always need to do everything to stand out. A mortgage pre-approval is key to understanding your budget, help you speed up the process, and prove to the home seller that you are a ready, willing, and able home buyer!

We have laid out everything you need to know about getting pre-approved to purchase a home in Northern VA, how long it’s good for, and what should you do if your pre-approval will soon expire. Follow these tips before house-hunting so sellers will know you’re on top of your game and you do not fall in love with something you are not prepared to buy!

Before touring the inside of any home, your first step should be to prove that you have the financial capability to purchase a home. During the pre-approval process, the lender reviews your loan application and your finances to determine if you qualify for a mortgage and for how much. They will need to pull your credit report, proof of employment, income, assets, monthly debts, and other financial information. Here is a detailed list of items need when the time comes for full approval — Documents Needed for Mortgage Loan

The lender will then issue a pre approval letter and now its time for your serious home search to begin. When you find the perfect property in Northern VA, your real estate agent will submit the pre-approval letter together with your offer to the seller. This will prove to the seller that you are serious about buying and can obtain a mortgage. If you do not have a letter, the seller will not consider your offer.

Finding the perfect home can happen quickly or take a few months. Once you have a property under contract it can take up to a few months before you could actually close the deal and get the keys. The question is, if your journey to being a homeowner takes a long time, will your pre-approval letter still be valid?

While there is no customary duration for the validity of the mortgage pre-approval letter, in general, it is typically good for 60 to 90 days depending on the lender. Many lenders have the actual time frame indicated in your letter.

Most lenders will issue a custom pre approval each time you make an offer on the property, and this will help as the letter will have a recent date. Keep in mind, that your mortgage rate does not lock in until you have a property under contract. The rate can and will change during your home search.

If your Northern VA house-hunting journey is taking a bit longer than planned and your pre-approval letter is about to expire, you'll likely need to renew it. However, there’s no need to go through all the trouble of applying all over again. Just call your lender, together with your updated financial statements and pay stubs to show there’s been no change to your income, debts, or credit scores.

When you're applying for a mortgage, having more than two hard checks on your credit report will indeed temporarily lower your credit score. It can lower your score for a few points, depending on your initial score and the number of payments you’re making, but it shouldn’t be significant.

During the home buying search and purchase process it is recommended to not make any other purchases that require your credit to be checked. Wait to buy furniture, car, or get a new credit card until after you settle and move into your home.

Here is a detailed article on 7 Things to Avoid After you Applied for a Mortgage

Bottom Line:

Once you have found a skilled and experienced Northern VA agent, you must get a lender pre-approval, this is a must in any real estate market. Don’t worry if you can’t find a home right away and the pre approval expires as it is much simpler to get the pre approval refreshed. Remember, no new credit account until after you settle on your home!