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Updated about 5 years ago on . Most recent reply

User Stats

503
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660
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Mark Miles
  • Rental Property Investor
  • Philadelphia, PA
660
Votes |
503
Posts

Refreshing pre-approval letter

Mark Miles
  • Rental Property Investor
  • Philadelphia, PA
Posted

When you're looking to buy a place, agents typically won't show you homes without a lending pre-approval (or proof of cash funds). In some cases, as an experienced investor, you're kind of looking but being patient until the right place comes along which might take 6 months or so. But lending pre-approvals typically expire after 30 days, and refreshing the pre-approval each time causes a hit to your credit score.

Do you keep refreshing the pre-approval letter every 30 days for your agent's benefit, or do you convince your agent to show you places without having a valid pre-approval letter?

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