Do Mortgage Pre-Approvals Expire?

When you start on your home buying journey, the first step is getting pre-approval for a mortgage. It officially begins when you receive a pre-approval letter from your lender which tells you much you'll be allowed to borrow, the types of mortgages available to you, and what the terms of the loan contract will be.

You might be wondering if mortgage pre-approvals have an expiration date. In this article, we'll answer that question while also taking a closer look at the pre-approval process and why it's important for your home buying success.

Mortgage Pre-Approval Explained

As mentioned, a mortgage pre-approval is an official letter laying out the loan amount and terms- assuming you'll meet all the requirements. However, how do you get to this point?

That's where the mortgage pre-qualification process comes in. Lenders will look at information such as how much debt you have compared to your income and assets. With those details, they will determine the amount of money they're willing to lend you so you can purchase a home.

Typically, lenders want to see you're financially sound and aren't a risk. To assess this, they'll often look at your finances through various methods such as:

  • Pull your credit report
  • Bank statements
  • Income source
  • W2/1099
  • Debt from credit cards, student loans, or other sources
  • Investments
  • Assets
  • Savings


They'll also need to verify your identity, so you'll be required to produce the following as well:

  • Government-issued ID (driver's license, passport, etc.)
  • Proof of residency
  • Social Security Number


What Makes a Pre-Approval Letter Important?

Once a lender pre-approves you, you'll receive the aforementioned pre-approval letter. That gives you a little more power when going out house hunting. Here are some of the key benefits you'll see with a pre-approval:

  • Sellers will see there's already a lender backing you.
  • You'll have a clear idea of what your budget is and where you can shop.
  • Have confidence when you find your dream home.
  • It can help you expedite the buying process.
  • It will show you can afford the house and sellers will take you more seriously.


But Do Pre-Approvals Expire?

In short, yes they do. It will vary from lender to lender. But on average, they last somewhere between 60 and 90 days.

Since you have a limited window, it's good to make sure you're positive it's time to go for buying a home. Once your pre-approval expires, you'll need to find another lender (or the same) and restart the process all over again. And you should also understand that another pre-approval means another hard pull on your credit, which can be a negative ding to it.



In a nutshell, mortgage pre-approvals lay out the amount, terms, and conditions from the lender. However, they don't last forever and will expire in roughly 2-3 months. Buying a home, whether it's your first or fifth, is always exciting but can sometimes be confusing.

Hopefully, you understand the pre-approval process and why it's important a bit better and that information will help in your home buying adventure.



We hope this article was of value to you. For more great tips, bookmark our site and for all your mortgage needs, visit the A Team at TMFFMS.


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