{"id":50156,"date":"2021-05-18T17:46:52","date_gmt":"2021-05-19T00:46:52","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=50156"},"modified":"2024-10-01T14:43:45","modified_gmt":"2024-10-01T21:43:45","slug":"how-long-does-a-mortgage-preapproval-last","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/how-long-does-a-mortgage-preapproval-last\/","title":{"rendered":"How Long Does A Mortgage Pre-Approval Last?"},"content":{"rendered":"

How long is a pre-approval good for? It’s a question on your mind if you’re seriously shopping for your first home. The typical pre-approval letter is valid for about 90 days. <\/strong><\/em><\/span>Timelines can vary by lender and circumstance. Pre-approval and pre-qualification<\/a> are both positive steps to home ownership.<\/span><\/p>\n

Do Pre-Approval Letters Have An Expiration Date?<\/h2>\n

The timing isn’t as rigid as you may think, but yes, most mortgage pre-approval letters will have an expiration date 2-3 months after issue. Here’s the thing, if you’re working with a top real estate team you will likely be in frequent communication with your lender. And might even request a new pre-approval letter for each offer you submit.<\/p>\n

In a hot market you may want to show that you are approved for more than the home’s asking price, giving the seller confidence in your ability to secure your loan.<\/p>\n

Or, perhaps you are trying to offer under asking price– you agent may advise you to ask your lender for a new pre-approval letter stating a lowered amount than you are actually pre-approved for. For example: If a home is listed at $350k and you offer $340k, you likely don’t want to submit a pre-approval letter showcasing that you can afford a loan of $450k.<\/p>\n

Depending on the market and your agent and lending team, you will likely be in touch with your lender often. Once your initial information is submitted and your pre-approval letter is created it is simple to request a revised letter.<\/p>\n

Can You Reuse A Pre-Approval Letter?<\/span><\/h2>\n

Yes, it’s frequently possible to reuse a pre-approval letter for<\/span> home loans<\/span><\/a>. If you have submitted the documents for a loan<\/a> and had a pre-approval letter generated, you could potentially reuse that letter as long as the next offer isn’t higher.\u00a0<\/span><\/p>\n

What Happens If My Pre-Approval Expires?<\/span><\/h2>\n

If you haven’t had an offer accepted by the time your pre-approval letter expires, you’ll need to get an updated pre-approval from your lender. This is generally handled quickly via email. An expired pre-approval is easy to extend <\/strong><\/em>as long as your finances are stable- no changes in debt-to-income ratio<\/a>, income<\/a>, or the size of your down payment<\/a>.<\/span><\/p>\n