How Long Does a Mortgage Preapproval Last?

Once you have your preapproval letter in hand, it’s time for happy house hunting. However, life doesn’t always go as planned. What if a month or more goes by and you haven’t laid eyes on your dream home yet?

Does a Preapproval “Expire?”

If it’s taking longer than you thought to find a home, don’t stress out, Your preapproval can be updated with current copies of basic documents to keep it “fresh”, and as long as lending rules don’t change and your circumstances stay the same, you don’t really have to worry.

Update your paystubs and bank statements as you get new ones. If your preapproval is with a technologically advanced lender, you can simply scan them and upload them into the same portal you used for your preapproval. 

The only things you really need to worry about are changes in assets, income, employment, debt, or your credit score. If you lose your job, have to spend down savings, buy a new car, or miss a few credit card payments, your preapproval may have to be redone because you might not qualify for the same loan as before. 

The one thing your LO might ask for as your loan nears completion is another credit pull. This is typically only done if your house hunt stretches out beyond 90-120 days. Once you do find a house you want to make an offer on, you can request your credit be pulled again if you are outside the 90 day window, just to make sure everything is still a go.