How Long is a Pre-Approval Good For?

A mortgage pre-approval is typically valid for 60 to 90 days. This means that once you have been pre-approved for a mortgage, you have ample time to find a home and finalize your preferred loan option before the pre-approval expires. If your home search extends beyond this timeframe, your loan officer will reassess your finances and creditworthiness and update the pre-approval. It’s important to remember not to make any big purchases or incur new large debts during this time as these factors will have to be considered and could update the loan terms and amounts you’re pre-approved for. 

Pre-approvals have an expiration date because clients’ financial situation can change during that time period, affecting their ability to qualify for the loan. Lenders want to ensure that the information provided during the pre-approval process is still accurate and that you are still able to meet the requirements for the loan. It’s important to remember not to make any big purchases or incur new large debts during this time as these factors will have to be considered and could update the loan terms and amounts you’re pre-approved for. 

It’s important to keep in touch with your lender throughout the home buying process to ensure that your pre-approval remains valid and to discuss any changes in your financial situation that could affect your ability to secure a mortgage. Additionally, be sure to start looking for homes within the timeframe of your pre-approval to avoid any complications or delays in the home buying process! 

These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.