UPDATE 5/26/2023: It’s no surprise to me…this home went immediately pending. If you are considering buying a home, it is so important to be fully approved and perhaps better yet, consider using a program that allows you to present an extra competitive cash offer. PS: I can help you with that!
How to Buy This West Seattle Home? Let Me Count the Ways!
May 22, 2023 by Leave a Comment
Don’t be naughty to your preapproval status over the holidays
November 18, 2014 by Leave a Comment
![iStock_000004639657XSmall[1]](https://i0.wp.com/mortgageporter.com/images/2014/11/iStock_000004639657XSmall1.jpg?ssl=1)
If you are currently preappoved for a mortgage to buy a home or are considering getting a mortgage in the New Year, what you do now with regards to your credit and income may impact your preapproval status.
A mortgage preapproval is based on information provided at the time of the pre-application. It is only valid assuming that the information provided at that time has not changed. You may not be aware that you’ve done something that may have jeopardized your preapproval until a month or two later when you’re getting ready to make an offer on a home and then learn you’ve been Scrooged.
Seattle Real Estate Chat [Video] on Preapproval and Commitment Letters
July 27, 2014 by Leave a Comment
In this episode, Jim Reppond and I discuss Commitment Letters. A commitment letter is kind of like a preapproval letter on steroids. And in this hot sellers market that the greater Seattle area is currently experiencing – many buyers can use a little extra help to stand out from a similar competing offer. A Loan Commitment Letter may be the extra boost that could help some home buyers.
Check out our last episode!
Steps in the Mortgage Process
July 25, 2014 by 46 Comments
EDITORS NOTE 10/23/2015: This post has been updated to include the new disclosures and wait periods required per the Dodd Frank Act effective on loan applications dated October 3, 2015 and later. Click here to read the updated post.
The process of getting a mortgage consists of several stages and typically takes anywhere from 20 – 40 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.
Protect your Preapproval Status over the Holidays
December 11, 2013 by 1 Comment
Tis the Season for holiday shopping. The aggressive sales push this year started BEFORE Thanksgiving with more mega-stores even remaining open on a day when employees should have had the day off (or at least had working on Thanksgiving as being “optional”).Cyber Monday is now cyber week…anyhow, my point is, stores are competing for your dollars. If you are considering buying a home or are currently pre-approved to buy a home, I thought I’d share some tips for you on how to make sure your “pre-approved” status is not jeopardized during the holiday season.
Don’t let these things HAUNT your Preapproval
October 31, 2013 by Leave a Comment
I encourage anyone who is considering buying a home to start the preapproval process as soon as possible. Regardless of if you’re not planning on buying for a year or you think your credit, income and assets are prefect – you never know what underwriters may find lurking in your application.
Updating your Preapproval Letter
June 1, 2013 by 2 Comments
I’m often asked by home buyers “does my preapproval letter expire” or “what happens if we don’t find a home in a few months”. Preapproval letters should include two dates: when the letter was prepared and when the preapproval expires. Fear not, most of the time, it should just take providing a couple documents to your loan officer so they can “dust off” your application and provide an updated pre-approval letter.
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