Haven’t bought many houses, but isn’t getting approval for a loan something that comes before you “buy” one? I know that I had to be approved before a sale went to escrow so otherwise aren’t you just shopping?
“Haven’t bought many houses, but isn’t getting approval for a loan something that comes before you “buy” one? I know that I had to be approved before a sale went to escrow so otherwise aren’t you just shopping?”
Depends on the market. Most realtors require a “pre-qual” letter before accepting an offer. This means that the institution does not do a full check but takes your data at good faith.
I have heard stories of having to have a pre-approval but have not seen that.
Of course you have to get your loan approved before the sale closes.