What happens if I’m preapproved and then rates rise? You won’t lock a mortgage rate when you get preapproved. In fact, you can’t lock your rate until you have an offer accepted. So what happens if you get preapproved and then rates rise? Well, it could reduce your home buying […]
PreApproved
Can you get preapproved for a mortgage multiple times? You bet! You can get preapproved for a home loan as often as you need. Every preapproval letter comes with an expiration date. And, once the preapproval has expired, you’ll need a fresh one to continue house hunting and making offers. […]
By Bob Walsmith Jr.2022 PresidentSanta Barbara Association of Realtors In the loan process, the above two terms often get misunderstood or mixed up a lot. Both are good, but one certainly carries more weight than the other. Most real estate buyers have heard that they need to pre-qualify or be pre-approved for a mortgage if they’re […]