How long does a prequalification for a mortgage last?

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When it comes to purchasing a home, one of the first steps is getting prequalified for a mortgage. This process involves providing your financial information to a lender, who then assesses your creditworthiness and determines how much you may be eligible to borrow. But how long does a prequalification for a mortgage last? In this article, we will explore the duration of a prequalification and its implications for homebuyers.

Understanding Prequalification

Before delving into the duration of a prequalification, it’s important to understand what it entails. Prequalification is an initial assessment of your financial situation by a lender. It is based on the information you provide, such as your income, assets, and debts. Unlike preapproval, prequalification does not involve a thorough analysis of your credit report or verification of the information provided. It is simply an estimate of how much you may be able to borrow.

The Duration of Prequalification

The duration of a prequalification for a mortgage can vary depending on the lender. In general, a prequalification is valid for a period of 60 to 90 days. This means that if you decide to move forward with a home purchase within this timeframe, you can use your prequalification letter to demonstrate your financial capacity to sellers and real estate agents.

It’s important to note that a prequalification is not a binding commitment from the lender to provide you with a mortgage. It is merely an indication of your potential eligibility based on the information provided. As such, it is subject to change if your financial situation or market conditions change significantly during the validity period.

Renewing or Updating Prequalification

If your prequalification expires and you haven’t found a home within the specified timeframe, you may need to renew or update it. This typically involves providing updated financial information to the lender, who will reassess your eligibility based on the new information. Keep in mind that changes in your financial situation, such as a decrease in income or an increase in debt, may affect your prequalification amount or even render you ineligible for a mortgage.

It’s also worth noting that some lenders may allow you to extend the validity of your prequalification, while others may require you to go through the process again. It’s essential to communicate with your lender and understand their policies regarding prequalification expiration and renewal.

Implications for Homebuyers

The duration of a prequalification can have implications for homebuyers. For instance, if you find a home after your prequalification has expired, you may need to go through the process again, which can delay your home purchase. Additionally, if your financial situation changes significantly during the validity period, you may need to update your prequalification or risk not being able to secure the desired mortgage amount.

It’s crucial for homebuyers to stay proactive and keep their prequalification up to date. Regularly reviewing your financial situation, providing updated information to your lender, and staying informed about market conditions can help ensure a smooth home buying process.


In conclusion, a prequalification for a mortgage typically lasts for 60 to 90 days. It provides an estimate of your eligibility to borrow and serves as a useful tool when searching for a home. However, it’s important to keep your prequalification up to date and communicate with your lender to avoid any delays or complications during the home buying process.


– Investopedia:
– The Balance:
– Bankrate: