Thinking about buying a home? Getting preapproved for a mortgage is a great first step. It shows sellers you’re serious and helps you understand what you can afford. But here’s a key question many buyers overlook: how long are preapprovals good for?
It’s a common concern, especially for first-time buyers. You might spend weeks touring homes and making offers, so it’s important to know how long are preapprovals good for to avoid surprises if yours expires mid-search.
In this article, we’ll break down how long a typical preapproval lasts, what happens when it expires, and what you need to know before submitting more documents or reapplying.
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What’s a Mortgage Preapproval, Anyway?
A mortgage preapproval is a lender’s preliminary commitment to let you borrow up to a certain amount, based on a review of your financial situation. While it’s not a final loan approval, it’s an important early step that shows sellers—and real estate agents—that you’re a serious, qualified buyer.
To issue a preapproval, the lender typically reviews:
- Income – Pay stubs, W-2s, or other proof of earnings
- Assets – Bank statements and documentation of savings or investments
- Credit history – Your credit score and credit report details
- Debt-to-income ratio – How much of your monthly income goes toward existing debts
Getting preapproved not only gives you a realistic sense of your budget, but it also positions you to act quickly in competitive markets. You’ll know what price range to stick to, which saves time and prevents disappointment down the road.
In fact, some real estate agents won’t even schedule home tours without a preapproval letter, especially in fast-moving markets where homes don’t stay listed for long.
Preapproval vs. Prequalification: What’s the Difference?
If you’re just starting your homebuying journey, you might hear the terms mortgage prequalification and preapproval used interchangeably—but they’re not the same. Understanding the difference can make a big impact on your home search.
- Prequalification is an informal estimate of what you might be able to borrow. It’s typically based on self-reported information, such as your income and debts, and doesn’t require documentation or a credit check. While it can be a helpful first step, it doesn’t carry much weight with sellers or agents because nothing has been verified.
- Preapproval, on the other hand, is a more formal and reliable assessment. The lender reviews your actual financial documents—like tax returns, pay stubs, bank statements, and your credit report—to determine how much they’re willing to lend. You’ll receive a preapproval letter stating the loan amount you qualify for, subject to a final approval process once a property is selected and fully underwritten.Debt-to-income (DTI) ratio: In most cases, your DTI should be 43% or lower, meaning your total monthly debt payments shouldn’t exceed 43% of your gross monthly income. Some lenders may allow a DTI up to 50% if you have strong compensating factors like excellent credit or significant savings.
Here’s why a mortgage preapproval letter matters more:
- It shows sellers you’re a serious buyer with financing already lined up.
- It helps speed up the offer and closing process.
- It provides a clearer understanding of your price range, so you can shop with confidence.
In today’s competitive housing market, a preapproval gives you a valuable edge—and in many cases, it’s required before agents will even show you homes.
So, How Long Are Preapprovals Good For?
In most cases, mortgage preapprovals are valid for 60 to 90 days. This window gives lenders confidence that your financial situation is still current and accurate by the time you’re ready to make an offer.
That timeline is generally tied to how long your credit report remains valid for lending purposes. Since your financial profile—especially your credit, income, and employment—can change quickly, lenders want to be sure the information they’re relying on is up to date when finalizing a loan.
What Can Affect Your Preapproval’s Validity?
A mortgage preapproval is based on your current financial health, so any major changes can shorten or invalidate it. Here are a few common factors that may impact your preapproval status:
- Credit Score Changes
If your credit score drops significantly, your lender may reconsider the loan amount—or the interest rate—offered. - Debt-to-Income Ratio
Taking on new debt or experiencing a reduction in income can increase your debt-to-income ratio, which affects your ability to qualify for the loan. - Employment Status
A job loss or change in employment could delay or derail your mortgage approval altogether, as stable income is a key requirement.
It’s a good idea to stay financially steady and avoid major purchases, credit inquiries, or job changes during the homebuying process to keep your preapproval valid.
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What Happens if Your Preapproval Expires?
If your mortgage preapproval expires—don’t stress. It’s a common part of the homebuying journey, especially in markets where the search takes longer. The good news: you can simply reapply.
When Should You Reapply?
Don’t wait until your preapproval is officially expired. If your house hunt is still underway and your expiration date is approaching, start gathering paperwork early. This ensures you’re ready to move quickly if you find the right home.
What to Expect During Reapplication
Your lender will need to review your updated financial profile to ensure nothing significant has changed. Be prepared to provide:
| Document | Description |
| Pay Stubs | Most recent pay stubs (typically from the last 30 days) |
| Bank Statements | Up-to-date statements for checking, savings, and other accounts (last 2 months) |
| Tax Returns | Federal returns from the last two years |
| W-2 Forms | Past two years of W-2s to confirm income history |
| Asset Statements | Records of any investments, retirement accounts, or large savings |
| Debt Statements | Current statements for credit cards, student loans, car loans, etc. |
Your lender will also pull a new credit report, which may result in a hard inquiry. If you’d like to check your credit before applying again, you can request free reports at AnnualCreditReport.com.
Can You Extend a Mortgage Preapproval?
Yes, it’s often possible to extend a mortgage preapproval—but it’s not guaranteed. Whether your lender is willing to do so depends on your specific financial situation and how much time has passed since the original preapproval was issued.
If your current preapproval is set to expire soon and you haven’t found the right home yet, reaching out to your loan officer early is key. They may be able to extend it, but you’ll likely need to provide updated documentation to confirm your financial status hasn’t changed. This might include:
- Recent pay stubs
- Bank statements
- Confirmation of continued employment
- An updated credit report
Extending your preapproval can save time compared to starting the process over from scratch—but don’t wait until the last minute to ask.
Getting Preapproved With Multiple Lenders: Good or Bad?
Shopping around is smart when you’re making one of the biggest financial decisions of your life—and that includes comparing preapprovals from different mortgage lenders.
Getting preapproved with multiple lenders can:
- Help you compare mortgage rates and loan terms
- Give you negotiating power
- Provide insight into lender fees and service quality
That said, be strategic with your timing. Each preapproval typically involves a hard credit inquiry, which can slightly affect your credit score. Fortunately, credit scoring models are designed to recognize that borrowers shop for the best mortgage rate. If you apply with multiple lenders within a 14- to 45-day window (depending on the scoring model), those inquiries are usually grouped together and count as just one hit on your credit.
So, yes—getting multiple preapprovals can be a smart move, as long as you keep them within a short timeframe.
And while you’re comparing options, make sure to see what Allied Mortgage can do for you! You may find competitive rates and personalized service that make all the difference.
Stipulations in Your Preapproval Letter
A preapproval letter isn’t just a golden ticket to go house hunting—it often comes with important stipulations. These conditions spell out the assumptions the lender is making based on your financial profile at the time of review.
Common stipulations may include:
- Continued employment at the same job
- No new significant debts before closing
- Verification of listed assets and income
- Satisfactory appraisal of the property you choose
Ignoring these conditions could lead to your mortgage falling through later in the process. Always read your preapproval letter carefully and avoid big financial changes—like financing a car or opening new credit cards—before your loan closes.
Locking in Your Rate
Once you’re preapproved and actively shopping for a home, you may have the option to lock in your interest rate. This can protect you from market fluctuations while you finalize your purchase.
A rate lock means your lender guarantees a specific interest rate for a set period—usually 30, 45, or 60 days. This can offer peace of mind in a rising-rate environment, as long as your financial situation remains stable and the loan closes within the lock period.
Keep in mind:
- Rate locks are usually offered after your offer is accepted, not during early preapproval.
- Some loan programs, like VA mortgages, may offer more flexible lock options.
- If your lock expires before you close, you may need to renegotiate—possibly at a higher rate.
If you’re close to making an offer, ask your lender about lock options and what’s involved.
Final Thoughts: Don’t Let Your Preapproval Catch You Off Guard
Understanding how long are preapprovals good for is a critical part of navigating the mortgage process with confidence. Your preapproval letter is more than just a number—it’s a reflection of your current financial health and a key milestone in the mortgage loan journey. But like many parts of the approval process, it comes with an expiration date and a few conditions you need to stay on top of.
Whether you’re just getting started or already deep into your home search, keeping your preapproval process on track ensures you’re ready to make an offer the moment the right property comes along. Be mindful of changes in income, employment, or credit that can impact your eligibility. And if your preapproval expires, don’t worry—you can often extend or renew it with updated documentation.
As you plan your purchase and monthly mortgage payment, remember: being proactive, informed, and organized can make the mortgage process smoother from start to finish.
Ready to take the next step? Reach out to Allied Mortgage and see how we can help guide you through every stage of homeownership—starting with the right preapproval.
FAQs About How Long are Preapprovals Good For
Do Preapprovals Expire?
Yes, mortgage pre-approvals do expire. Lenders want to make sure that your financial situation is still accurate and relevant.
In most cases, pre-approvals are valid for around 60 to 90 days, which can affect your timeline when you’re ready to start your search.
How Far in Advance Should You Get Preapproved for a Mortgage?
Don’t jump the gun and get preapproved too early. Start the process when you’re seriously ready to begin house hunting to maximize the validity period.
Aim to start the process when you will be house hunting at least a few times a week. By finding the right timing, you’ll ensure you’re ready when you find the perfect home and avoid preapproval expiring.
Will Reapplying for Preapproval Hurt My Credit?
Each preapproval involves a hard credit inquiry, which can cause a small, temporary dip in your credit score. However, if you apply with multiple lenders within a short window (typically 14–45 days), credit scoring models usually treat those inquiries as one. This helps protect your credit while still allowing you to shop around.
What Happens If My Financial Situation Changes During the Mortgage Process?
If your financial picture changes after preapproval—such as a drop in income, increase in debt, or job change—it can impact your eligibility during the approval process. Your lender may reduce the loan amount or require updated documentation before final approval.
Do I Need a New Preapproval for Every Offer I Make?
Not necessarily. As long as your preapproval letter is still valid and matches the general price range of the home you’re offering on, you can use the same letter. However, some sellers prefer a preapproval letter tailored to their specific listing, so your lender may revise the letter upon request.
Does a Preapproval Guarantee a Mortgage Loan?
No—a preapproval is not a guarantee. It’s a strong indication that you qualify for a loan based on the information reviewed, but final approval depends on a complete underwriter review, the property’s appraisal, and your financial stability through closing. The mortgage process has multiple steps beyond preapproval.