How long are mortgage preapprovals good for?

How long are mortgage preapprovals good for?

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When it comes to buying a home, getting a mortgage preapproval is an essential step in the process. It provides potential homebuyers with an estimate of how much they can borrow and helps streamline the homebuying journey. However, it’s crucial to understand the validity of a mortgage preapproval and how long it remains in effect. In this article, we will delve into the topic of how long mortgage preapprovals are typically valid for and explore some factors that can affect their duration.

Understanding Mortgage Preapprovals

Before discussing the validity period of mortgage preapprovals, it’s important to understand what they are and how they work. A mortgage preapproval is a preliminary assessment by a lender to determine the maximum amount a borrower can borrow based on their financial information. It involves a thorough review of the borrower’s credit history, income, assets, and debts. Once the lender is satisfied with the borrower’s financial profile, they issue a preapproval letter, which outlines the loan amount and terms the borrower is eligible for.

The Typical Validity Period

Mortgage preapprovals are not indefinite, and they do have an expiration date. The typical validity period for a mortgage preapproval is around 60 to 90 days. This means that the borrower has a window of 60 to 90 days to find a suitable home and finalize the mortgage application process. If the borrower fails to secure a property within this timeframe, they may need to reapply for a new preapproval.

Factors Affecting Validity Period

While the standard validity period for mortgage preapprovals is 60 to 90 days, there are factors that can influence this timeframe. These factors can vary depending on the lender’s policies and the borrower’s financial circumstances. Here are a few factors that can affect the validity period of a mortgage preapproval:

Changes in Financial Circumstances: If there are significant changes in the borrower’s financial circumstances, such as a job loss or a decrease in income, the lender may require the borrower to reapply for a new preapproval. This is because the lender needs to ensure that the borrower’s financial situation is still suitable for the loan amount and terms initially approved.

Changes in Interest Rates: Interest rates can fluctuate over time, and if there is a significant change in rates during the validity period of a preapproval, the lender may require the borrower to update their application to reflect the current rates. This ensures that the borrower is aware of the updated loan terms and can make an informed decision.

Expired Documentation: Some of the documents required for a mortgage preapproval, such as pay stubs and bank statements, have an expiration date. If these documents expire before the borrower finds a property, they may need to provide updated versions to the lender. This can potentially affect the validity period of the preapproval.


In conclusion, mortgage preapprovals typically have a validity period of 60 to 90 days. However, it’s important to note that this timeframe can be influenced by factors such as changes in financial circumstances, interest rates, and expired documentation. It’s crucial for borrowers to stay in touch with their lender and keep them informed of any changes that may impact their preapproval. By doing so, borrowers can ensure a smooth homebuying process and avoid any surprises along the way.


– Bankrate:
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– NerdWallet:

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