What happens after pre-approval letter expires

[Jia Liu]

Hello,

What happens if I don't find a property I want within the 90 days or so before the pre-approval letter expires? Do I need to get another one (and have credits pulled again) after it expires in order to continue looking for a property?  

Also, should I shop around for a lender (and get pre-approval letters from all of them) before finding a property? Or I am ok with using the first pre-approval letter to get the property under contract and THEN spent a few days or so shopping for the lowest interest rate? 

Thanks!

[Jerry Padilla]

@Jia Liu
The credit will need to be re-pulled and income updated. 
For conventional, you are going to want a lender experienced working with investors over shopping for rates.  It doesn’t matter how great the rate is, if they can’t get the loan closed. Investor Financing is different and can be more complex than primary home buyer financing.