So how long is my Pre-Approval Good for?

By
Services for Real Estate Pros with Auto & Home & Life Insurance throughout North Carolina

Easy answer, 60 days.  But I guess that depends on what kind of Pre-Approval you received or want for that matter.  Actually, the answer to such a question depends upon three factors:

-  You, as the consumer. 

-  The Buyer's Agent who is helping you find a home.

-  And the quality of the Pre-Approval you receive in the first place.

Ten Seconds, GO - You're interested in buying a home.  You even find a few that tickle your family bone.  But you need financing because you probably don't have the cash to buy it outright. Which leads to...

Nine Seconds - You're smart and seek out a Buyer's Agent to represent you. This will provide protection in your favor.  They represent you and only you. 

Eight Seconds - That agent may turn you onto a few folks like me who can help you out from the financing end.  And that doesn't mean you shouldn't shop on your own.  But buying a home isn't just about getting the lowest rate with no fees (an oxymoron if I've ever encountered one), it's about trust.  Interview those who express interest in earning your business and keeping it.  If they have the lowest rate with no fees, I can only hope they are in business when you need to do business again.

Seven Seconds- The Pre-Approval is more than just an application and credit check. There's some serious competency going on. They ask for your most recent pay-stubs, W-2's, bank statements, and the last time you had a wet dream about Richard Gere. 

Six Seconds - You find a house that you want to call home and a Sales Agreement has been signed and accepted by all parties. And there you are.

Five Seconds- You're hopefully just padding the documentation that you've already given to the Mortgage Company you choose.  I recommend Sardi Mortgage Inc, who isn't licensed just yet ... but when you hear Sardi, that should mean something. I'm not sure what, but it means something. Maybe it just means that there is an individual who is all over your particular file like white on puss.

Four Seconds - Appraisal is ordered and done. The rest of your file is pretty complete because everyone got along and did what needed to be done.

Three Seconds -  The complete transaction goes into Underwriting, those dastardly folks we think of who hate closing loans.  I'll give you a bit of info here, and I usually don't stick up for Underwriters.  They only get paid when folks close loans.  Without us, there is no them.  So, that's that.  In business, there's more to it than that, but that is a pretty accurate description.

Two Seconds - You are CLEAR TO CLOSE.  If there were three words that were magical in this industry, those are they. 

One Second Left - It's a proclamation of your destination.  You hit home!

And when there's no time left, that's the perfect time to be imperfect.  And that's the perfect way NOT to close.

 

Jason Sardi

Mortgage Consultant

610-653-0317

jsardi@ihmci.com

 

Comments (19)

Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Of note, this seems similar to the Porn Star writing about the Industry who gave him herpes, yet still sticks up (pun intended) for that Industry.  That's LOVE... of some sort.

Oct 24, 2009 12:26 PM
Jennifer Monroe
Savvy + Company Real Estate - Charlotte, NC
Real Estate REALTOR®/Broker in Beautiful Charlotte

I'd say it's more like Forgiveness than Love ↑↑ But what would I know about forgiveness?

VERY nice post my love.

Oct 24, 2009 12:29 PM
Delete Acct Desert Communities
Palm Desert, CA

Great post... clever way to get the information across! 

Oct 24, 2009 12:52 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Jason,

"Easy answer, 60 days."  This remark concerns me! Not all pre-approvals are from Jason Sardi.

I'd have said: READ THE PRE-APPROVAL!  Some are only good until the ink drys.

I just re-blogged Ken Cooks article on pre-approvals, I'm going to do the same with your's people should read and re-read both!

Bill

Oct 24, 2009 02:36 PM
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Good Post Jason,

I love the 10 second count down...good stuff

John

Oct 24, 2009 02:58 PM
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Well...your countdown no doubt leads you to many closings. The positive ...

Oct 24, 2009 05:20 PM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Sis - To the positive, indeed:)

John - Thanks man. 

Bill "Not all pre-approvals are from Jason Sardi."  That's a fact and a shame;)  I'll check out Ken Cook's post; I missed it the first time around. 

Laxson Associates - Grazie.  It isn't easy making this stuff interesting.

MJ - Forgive but never forget.  That's a motto I can live by.  MWA!

Sardi - Interesting way to put it.  And you're no porn star... thankfully.

Oct 24, 2009 07:34 PM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Jason, I must say the consolidated run down on the 10 second rule gives a buyer a much better idea of what their in for. As apposed to the 3 second rule in most restaurant kitchens...when food hits the floor and its O.K. to still serve if you can pick it up in the allotted time.

Oct 25, 2009 02:42 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Steve - It's nice to hear from someone who has worked in that industry as well.

Oct 25, 2009 06:36 AM
Nyssa Smith
Keller Williams Advantage Realty - State College, PA
REALTOR, State College Area Real Estate

In 10 seconds or less...  I think I might have to try that in one of my future posts!  Thanks for sharing Jason!  ~Nyssa

Oct 25, 2009 07:14 AM
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Jason - Great post with good info!  May I?......Eight,  low rate and no fees means they are taking you deep with YSP and not explaining it to you.  If they are a bank then not only are they taking you deep, they don't have to disclose it!   Nobody and I mean nobody works for free.

Oct 26, 2009 01:17 AM
Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.

Jason: Nice thoughts. The pre-approvals I issue generally are good for 60 days. After that, I feel like I need to update. Thanks!

Oct 26, 2009 02:04 AM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Nyssa - Yeah, it was an off the cuff idea that I thought I'd just go with.

Nevin - True that, my friend.  True that.

Paul - You and me both.  Thanks for stopping by.

 

Oct 27, 2009 07:06 AM
Marie Ogle
Mortgage Processing Solutions - Spokane, WA
Contract Mortgage Processor

LOL "and the last time you had a wet dream ...." you forgot to add blood type and in some cases a blood sample.  Although I am beginning to think underwriters are now getting bonuses for denying loans not closing them.  Great post :)

Oct 27, 2009 08:05 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Dear Jason,

I like the way you think. Your seconds rules are spot on! Way to go saving the day for your client. You know the one you committed to in the beginning. Its hard to see your loyalty rewarded with a kick in the teeth (when they shifted lenders). More power to you for hanging tough and coming through for them when they realized their grave error! Great job!

;)

 

Oct 28, 2009 06:46 AM
Kate Kate
San Diego, CA

Are you still reading comments here. I have the flu as of an hour ago it's official. therefore I can get away with only reading your title. I am drinking Cinnamon tea and somehow the cloves got in my eyes and boy do they burn. Anyway your title (remember I do not have to read your whole post because i have the flu) reminded me of 9 deadly deadlines

  1. deadlines of preapproval "commitments"
  2. deadlines for tils
  3. deadlines for stale dated paystubs
  4. deadlines for approvals
  5. deadlines for rate locks
  6. dealines to sign docs
  7. deadlines to fund loan
  8. deadlines to record title
  9. 30 years of payment deadlines

 

Did I even get close? Kate with sniffles and aches

 

Oct 29, 2009 01:17 PM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

Marie - Ugh, I know what you mean.  I always interject a stool sample just to show them who they are messing with:)

Betina - Why thank you!  Sometimes I take it personal if a client shifts or even talks about shifting lenders, yet if I'm doing my job right and giving a fair price for my services ... I feel less bad than when I started eight years ago.  One of my favorite terms has become, "NEXT" :)

Kate - Actually, you added to the blog with your comment.  Thank you for that and I hope you are feeling better.  If not, try whisky;)

 

 

Oct 31, 2009 01:21 AM
Kate Kate
San Diego, CA

Jason, I've never been one to waste too much time sleeping. But I may become an advocate of sleep for the sickly. 3rd day of disgusting flu and I'm up at 5 and seem to be kicking it. But I slept 20 out of 24 hours yesterday.

I marketing my cure along with rhinestone flip-flops and mortgage fatigues. Kate

Oct 31, 2009 01:50 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Jason, I enjoyed reading your post. Wish you good luck.

Nov 11, 2009 08:08 PM