A mortgage preapproval is a critical tool for buyers, giving you a clear idea of how much you can borrow and boosting your credibility with sellers. However, preapproval isn’t indefinite—it comes with an expiration date. Understanding how long your preapproval is valid and what factors can affect its validity can help you stay prepared during your homebuying journey.

Most preapproval letters are valid for 60 to 90 days, though the exact timeframe varies depending on the lender. This timeframe ensures that the lender’s evaluation of your financial situation remains accurate and up to date.

1. Financial Changes

Your financial situation may change over time. For example, you could change jobs, take on new debt, or make a significant purchase that impacts your ability to qualify for a loan.

2. Market Conditions

Interest rates and housing market trends can fluctuate, potentially affecting the terms of your loan. Lenders want to ensure their preapproval reflects current conditions.

3. Document Accuracy

The financial documents you submit during the preapproval process (e.g., pay stubs, bank statements) need to be recent. Expired documents mean the lender will need updated information to proceed.

If your preapproval expires before you find a home, you’ll need to renew it. This typically involves:

1. Resubmitting updated financial documents, such as pay stubs and bank statements.

2. Allowing the lender to pull your credit report again, which may slightly affect your credit score.

3. Reviewing any changes in your financial situation or the housing market.

Renewing preapproval is usually faster than the initial process, as much of your information is already on file.

1. Start Your Home Search Early

Begin looking for homes as soon as you receive your preapproval letter to maximize its validity period.

2. Stay Financially Consistent

Avoid making major financial changes, such as switching jobs, taking on new debt, or making large purchases, during the preapproval period.

3. Communicate with Your Lender

Keep your lender informed about your home search progress. If you’re nearing the expiration date, they can guide you on renewing the preapproval.

Yes, many lenders allow you to extend or renew your preapproval. However, you may need to:

• Provide updated financial documents.

• Reauthorize a credit check.

• Confirm there have been no significant changes in your financial status.

• Track the Expiration Date: Note the expiration date of your preapproval letter and plan your home search accordingly.

• Stay Financially Stable: Keep your financial situation consistent to avoid complications when renewing preapproval.

• Ask About Extensions: Some lenders may offer extensions without requiring a full renewal, so be sure to ask.

While preapproval typically lasts for 60 to 90 days, the exact duration depends on your lender. Knowing its validity period can help you time your home search and minimize delays. If your preapproval expires, renewing it is usually a straightforward process—especially if your financial situation remains stable.

Remember, staying proactive and communicating with your lender ensures you remain prepared to make an offer when you find the right home!