Updated about 7 years ago on . Most recent reply
Questions on Pre-approval for loan
Hi all,
I have a newbie question for you all and hoping you can help. Currently looking to invest out of state and in process of determining the right market. I also understand that I should get pre-approved prior to making any offers but...
1) Do I have to know the exact location/market to get pre-approved for a conventional loan? It seems I have to enter the location in order to proceed with the process.
2) I've seen that the pre-approval usually doesn't last beyond 45-60 days and as I'm still in the very early process - not sure if I should wait until I've determined my market. I would like to avoid having to get pre-approved again if I happen to exceed that time frame as I've also heard that getting multiple pre-approvals can affect your credit?
Thank you in advance!