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First-time buyer questions regarding preapprovals

Hi everyone,

I'm a first time home buyer. I'm just browsing houses and not entirely serious about purchasing a house YET. But I have a few questions regarding the preapproval process.

Some details: I recently was hired full time (about 2 months ago), where before I was working part time at near minimum wage. I am now salary making almost 3 times as much as I was making before.

  1. Should I wait until I have more paystubs before I apply for preapprovals to show that I have an "established" income? I have about 3 so far. I'm curious if my old income would cause me to get a lower preapproval.
  2. Can I apply to multiple places for a preapproval?
  3. If I get a preapproval now, can I "re-apply" for another one to see if I can get a higher one later down the road?
  4. If I get a preapproval, I'm not required to use it?

I'm mostly curious how much I can actually afford while looking. I don't want to look at houses TOO expensive.

submitted by /u/Tiger12289
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/l8bphs/firsttime_buyer_questions_regarding_preapprovals/
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