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Can I start shopping around for a mortgage now even though I haven't matched yet? I mean, can you get preapproved for a loan before you have your residency contract??
Can I start shopping around for a mortgage now even though I haven't matched yet? I mean, can you get preapproved for a loan before you have your residency contract??
Out of curiousity, why bother getting approved now? Are you 100% sure you know where you'll be, b/c if not what's the point of looking until you are certain? It's only a few more weeks, why not just wait.
While it sounds like the pp was lucky, I highly doubt that most lenders would approve you when you can't prove an income
They can do whatever they want b/c they just need the proof prior to closing, so if your loan falls through because you can't produce that, that blame will fall on you (and so might the fees).Guys, my husband is a resident and I will be this summer - I know how the resident mortgages work. What I meant was not that you had to HAVE an income but rather you had to have PROOF of a future income. You do not have proof of any income until you match and you are not guaranteed to match. And you don't need the actual contract (which as pp mentioned you often don't get for weeks/months), but you need a letter from your residency program stating that you will in fact be a resident. At least this was the case with all the lenders I spoke with - none could approve me until I have matched. Maybe a few will do it before but I wouldn't count on it.