How Long Does a Mortgage Pre-Approval Last

Obtaining a mortgage pre-approval is a crucial step in the home buying process, giving you a clear picture of your borrowing power and demonstrating to sellers that you’re a serious buyer. But how long does a mortgage pre-approval last, and what happens if it expires before you find your dream home? Here’s what you need to know:

Typical Duration of a Mortgage Pre-Approval

Most mortgage pre-approvals are valid for 60 to 90 days. This timeframe allows you to search for a home and make an offer while your financial information remains current. However, the exact duration can vary by lender, so it’s important to confirm the expiration date with your mortgage professional.

Factors Affecting Pre-Approval Validity

Several factors can affect the validity of your mortgage pre-approval:

• Credit Score: Significant changes in your credit score can impact your pre-approval status. It’s essential to maintain your credit during the pre-approval period.
• Income and Employment: Changes in your income or employment status can affect your pre-approval. Lenders need to verify that you have a stable income to support your mortgage payments.
• Interest Rates: Fluctuations in interest rates can impact your loan terms and the amount you’re pre-approved to borrow.
• Debts and Liabilities: Taking on new debts or significant financial obligations can alter your debt-to-income ratio, affecting your pre-approval.

What to Do If Your Pre-Approval Expires

If your mortgage pre-approval expires before you find a home, you can request an extension or reapply for a new pre-approval. Here are the steps to take:

• Contact Your Lender: Reach out to your lender to discuss your options. They may be able to extend your pre-approval based on updated financial information.
• Update Your Financial Documents: Be prepared to provide updated financial documents, such as recent pay stubs, bank statements, and tax returns, to support your request for an extension or new pre-approval.
• Maintain Financial Stability: Continue to manage your finances responsibly, avoiding new debts or major purchases that could affect your pre-approval status.

Conclusion

A mortgage pre-approval typically lasts for 60 to 90 days, but its validity can be affected by changes in your financial situation. If your pre-approval expires, contact your lender to explore options for extending or reapplying. By staying informed and proactive, you can keep your home buying journey on track.