So, I've got the money from my tax refund now, which means the next step in buying a house is going to be getting a loan. Technically, it's getting pre-approved for a mortgage. I know that mortgage pre-approvals have a expiry date, it's not like when you're pre-approved you can wait 3 years to actually buy a house, but what kind of deadline is there?
Well, with a little bit of google-fu, I've found that it can vary, but normally it is good for 3-4 months. With the timeline I have in place, I'm hoping to have a house by the end of May. I could close a bit earlier, so that's not an issue, so even if I were to get pre-approved for only 3 months, I think I'd be ok.
Interestingly enough, I got an e-mail from Credit Sesame linking to an article "When is the right time to apply for a mortgage?" And according to the article the best time to apply is the first week of the month. So for me, I need to talk to a bank NOW or wait till next month, and I don't think I'm prepared to wait that long.
So, with money in the bank, it's time to contact my credit union and see what they can do for me. I'll give you guys updates on the process as I have them!
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