Monday Real Estate Market Myth: Get re-approval with current tax returns

Myth: A buyer who is pre-approved once will never have to be re-approved to purchase a house.

False: Everyday lenders change their requirements to qualify for a home loan, and a buyer approved today may not be approved tomorrow.  Usually lenders will have their approval with special terms expire after 30 days, but as we enter 2012 many may not think to get re-approved with the new year.  Lenders require the most current last two year tax return, so buyers should plan on doing their taxes immediately.  They may not realize that this could affect their buying power, especially if they are waiting for an approval on a short sale.  For more information and to find a reputable lender contact local real estate agent Kristen Jurevich at 831.635.6719 in the Hollister, San Juan, Aromas, Gilroy, Salinas, Monterey, or surrounding areas.

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