How Long Can You Be Pre-Approved for a Mortgage?

A mortgage pre-approval is a formal, written verification from a mortgage lender indicating that a borrower conditionally qualifies to borrow a specific amount for a home purchase. This assessment is based on a review of the borrower’s credit history, income, debt, and assets. A pre-approval establishes an estimated budget for a home purchase, providing clarity on affordability. It also signals to real estate agents and sellers that a buyer is serious and likely to secure financing, which can strengthen a purchase offer in a competitive market. A pre-approval is not a final loan commitment, but a preliminary step that requires further underwriting and property checks for final approval.

Standard Validity Period

A typical mortgage pre-approval is valid for 60 to 90 days. While some lenders offer shorter (30 days) or longer (120 days) periods, 60 to 90 days is most common. This duration provides a reasonable window for borrowers to search for a home and make an offer.

The standard validity period reflects the dynamic nature of financial information and market conditions. A borrower’s income, debt, and credit score can fluctuate, requiring lenders to ensure the initial risk assessment remains accurate. Interest rates are also subject to change, directly affecting the qualified loan amount and terms. Lenders manage risk by requiring updated information periodically to reflect changes in the borrower’s financial standing or the lending environment.

Factors Influencing Validity

A mortgage pre-approval can become invalid sooner than its expiration date or require an update due to several circumstances. Significant changes to a borrower’s financial profile can alter the initial risk assessment. For instance, a drop in credit score due to late payments or new credit inquiries can affect eligibility. Taking on new debt, such as a car loan or additional credit card balances, increases a borrower’s debt-to-income ratio, which can reduce the approved amount.

Changes in employment or income directly impact a lender’s confidence in repayment ability. Large, unexplainable deposits or withdrawals from bank accounts can also raise red flags for underwriters, requiring source verification. Shifts in broader market conditions, like rising interest rates, can affect the pre-approved loan amount or terms. Lender-specific policies also play a role, as different financial institutions may have varying criteria for pre-approval durations and re-evaluation triggers.

Steps for Revalidating or Renewing

If a mortgage pre-approval is nearing its expiration or has already expired, the borrower should contact their original lender. Lenders typically have a renewal process that is often less involved than the initial application. This contact aims to clarify the specific renewal process and the updated documentation required.

The lender will request updated financial information to verify the borrower’s current standing. This commonly includes recent pay stubs, bank statements, and possibly updated tax returns. A new credit report pull will also likely occur to ensure the credit score and history have not significantly changed since the initial pre-approval. Upon review of this refreshed information, the lender will re-issue a new pre-approval letter, which may reflect updated terms based on current market rates and the verified financial profile.