pre-approval and credit

3 Replies

Hello BP family,

Would having mortgage company provide you another pre-approval letter within 10 days hurt your credit? Some background:

we were about to put in an offer for a duplex 5 days ago and had asked our mortgage officer to provide us a pre-approval letter. As he sent it to us, my realtor sends me the fateful text that the seller has accepted an offer. However, because we were undeterred, we looked at another home this weekend and are looking to make an offer tomorrow. I assume we need another approval letter since this is a different property with a different price. Would my mortgage officer need to re-run my credit and if so, would him doing it within such a short time hurt our credit?

Thank you for helping

Originally posted by @Nilofer Sickander :

Hello BP family,

Would having mortgage company provide you another pre-approval letter within 10 days hurt your credit? Some background:

we were about to put in an offer for a duplex 5 days ago and had asked our mortgage officer to provide us a pre-approval letter. As he sent it to us, my realtor sends me the fateful text that the seller has accepted an offer. However, because we were undeterred, we looked at another home this weekend and are looking to make an offer tomorrow. I assume we need another approval letter since this is a different property with a different price. Would my mortgage officer need to re-run my credit and if so, would him doing it within such a short time hurt our credit?

Thank you for helping

Usually your pre-approval letter is good for a month or so, I would ask for another letter or use the same one, depending on whether the other property costs more or less than the first.  For example, if you were approved for 200k 10 days ago, and now you are looking at a property that is $175k, then I would use the same letter because obviously if you were approved for 200k, you can afford 175k.  However, if it is a 250k property this time, then you would need a new letter.   But this close to the first offer, they should not need to run your credit again.

Get One pre approval for the Max you can be approved for.....if your approval is for $100k more than you need, the seller sees you as a safer buyer. They don't need to be property specific. Ignore those who say " don't show approval for more than your offer".