Nine must-dos after loan preapproval
While it may seem obvious that you need to keep paying your bills during the period between a loan preapproval and your settlement date, some would-be borrowers neglect their finances in the excitement of shopping for a home.
"A preapproval letter is typically valid for 90 days but with the disclaimer that if anything changes with your finances it can impact your preapproval," says Patricia Napgezek, a senior loan officer with Inlanta Mortgage in Brookfield, Wis. "After 90 days, we can do a renewal letter with a recheck of your pay stubs and credit."
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Steve Hill and Sandra Brenner
Windermere Real Estate/FN
Client Satisfaction All-Stars