# mortgage pre-approval & credit rating hit



## CuriousReader (Apr 3, 2009)

As far as I understand it, asking for mortgage pre-approval will take a hit to your credit as they do checking on your credit report.

Then, I am wondering if you get a pre-approval today, then after the 90-day period of your guaranteed rate expire you still havent found a house - do you need to get another pre-approval? Now, if you need another pre-approval, would it put you in a (slightly?) worse position because you already took that one hit earlier? ... Then, imagine if this scenario repeats several times, wouldnt each time put you in a worse position than before?

Thanks!


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## Shayne (Apr 3, 2009)

I would suggest that you don't get a pre-approval until you are ready to buy a property. If you are ready, it should not take several 90 day periods to find one.


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## Oldroe (Sep 18, 2009)

Do your own approval, get your credit report, ask the bank for their criteria. Know your negotiating position before you sit down.


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## CuriousReader (Apr 3, 2009)

Shayne said:


> If you are ready, it should not take several 90 day periods to find one.


I am preparing for the possibility that the 90-day period is not enough 
You never know with these kind of things and you dont want to give yourself a 90-day deadline



Oldroe said:


> Do your own approval, get your credit report, ask the bank for their criteria. Know your negotiating position before you sit down.


Could you expand what you meant by doing my own approval? And what exactly do you mean by "negotiating position" for mortgage?

Thanks guys!


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