How long mortgage preapproval lasts

Quick insights

• Mortgage preapproval typically lasts 30 to 60 days, giving you a time frame to search for a home based on your current financial situation.ec-cfpb-preapprov-letter
• This time frame will vary by lender, and if your preapproval expires, you must reapply with updated financial documents.
• It may be a good idea to avoid taking on new debts or making large purchases during your home search to ensure your preapproval remains valid and accurate. 

If you’re diving into the homebuying process, you’ve likely heard about mortgage preapproval. It's a step in making you a more prepared and competitive first-time homebuyer, but when does preapproval expire?

Understanding how long a mortgage preapproval lasts can help you avoid setbacks. To avoid missing out on your dream home, ensure your preapproval remains valid. Let’s break down the key points to keep your homebuying journey on track.

What is a mortgage preapproval?

Simply put, mortgage preapproval is a lender’s way of saying you’re financially qualified to borrow a certain amount to buy a home. Providing preapproval involves a review of your credit history, income, assets and debts. Having a mortgage preapproval could give you an advantage in the homebuying process, showing sellers that you’re a serious and prepared homebuyer.

Mortgage preapproval is not a final loan approval. A lender must approve a mortgage loan at specific terms when you’re ready to purchase a home. Your application and property must meet the loan provider’s requirements before a loan is officially approved.

How long is a mortgage preapproval good for?

A mortgage approval typically lasts between 30 to 60 days, depending on the loan provider.ec-cfpb-preapprov-letter Changes in the housing market or lender policies could also impact the duration of your preapproval. The general shelf-life is based on the timely factors that affect mortgage loan terms. Those include changes in a borrower’s financial situation, interest rate fluctuations and real estate market conditions.

What happens if my preapproval expires?

If your mortgage preapproval expires, you may want to apply for a new one before continuing your home search. This usually involves providing updated financial documents and undergoing another hard credit check. While multiple inquiries could impact your credit score, all of them being mortgage-related within a certain period may not have the same negative impact.

How to renew your mortgage preapproval

To renew your preapproval with the same lender, the application and review process may be somewhat faster. You can usually apply by phone or online, and you may not need to resubmit basic information. However, another hard credit inquiry, review of your financial information and official documentation may be required. The requirements and time vary by lender.

If possible, you may want to maintain financial stability by keeping your income, savings and debt levels consistent. Staying in touch with your Home Lending Advisor will help you navigate the renewal process smoothly and help ensure you’re prepared when you find the right home.

In summary

A mortgage preapproval gives you a head start in the homebuying process, but it doesn’t last forever. Preapprovals are generally valid for 30 to 60 days, so it’s important to know the expiration date as you search for homes.1 If your preapproval expires, renewing it may require updated documents and another credit check.

To keep your home search on track, consider working closely with a Home Lending Advisor or lender. Professionals can help you navigate the process and be prepared to buy the right home for you when you find it.