# First time buyer - Mortgage Shopping Timeline



## amitdi (May 31, 2012)

Hi,
I am in the process of getting my pre-approvals done. I have a question on timeline. I tried asking the broker but I guess they were not clear enough (or maybe deceptive).

My questions is - how much time do I have for final mortgage shopping? Once the offer is accepted, I have around 1-2 week to remove the conditions. I get the final financing approval from my bank and remove that condition.

After that, if my move in date is 2-3 months away, can I shop for another better mortgage OR the one I secured is the final deal for the term (5yrs)?


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## dougboswell (Oct 25, 2010)

amitdi said:


> Hi,
> I am in the process of getting my pre-approvals done. I have a question on timeline. I tried asking the broker but I guess they were not clear enough (or maybe deceptive).
> 
> My questions is - how much time do I have for final mortgage shopping? Once the offer is accepted, I have around 1-2 week to remove the conditions. I get the final financing approval from my bank and remove that condition.
> ...


A pre-approval can hold the rate for you for a certain time ie 60 or 90 days. To turn this into a live deal you have to have all your data, incomes etc verified by the lender. There are also full approval pre-approvals where all the documents are checked by the lender at the beginning. Technically unless you have signed at the lawyer's office you can find a lower rate. Typically you get the lowest rate within 30 days of closing. If you use a mortgage agent or broker who has done all the work for you so far, ask them to get you a lower rate in the last 30 days to see if they can.


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## CharlesF.Donahue (Jan 7, 2015)

Actually, All the documents are checked by the investors in the starting. If you can take help from the real estate agent then go ahead that will help you. Try to read all documents before starting any deal.


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