How long does mortgage preapproval last?

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Mortgage preapproval is an essential step in the home buying process. It provides potential homebuyers with an estimate of how much they can borrow and helps them determine their budget. However, it is important to understand the duration of a mortgage preapproval to ensure it remains valid throughout the home buying journey.

How Long Does Mortgage Preapproval Last?

The duration of a mortgage preapproval varies depending on several factors, including the lender’s policies and the borrower’s financial circumstances. In general, mortgage preapprovals typically last between 60 to 90 days. During this period, homebuyers have the opportunity to shop for a home within their preapproved price range.

It is important to note that mortgage preapprovals have an expiration date. After the expiration date, the lender may require the borrower to update their financial information and reapply for preapproval. This is because a borrower’s financial situation can change over time, and the lender needs up-to-date information to assess their eligibility for a mortgage.

Factors Affecting the Duration of Mortgage Preapproval

Several factors can influence the duration of a mortgage preapproval:

1. Lender’s Policies: Different lenders may have varying policies regarding the duration of mortgage preapprovals. Some lenders may offer longer preapproval periods, while others may have shorter durations. It is essential to understand the specific policies of the lender you are working with.

2. Borrower’s Financial Circumstances: The borrower’s financial circumstances play a significant role in the duration of a mortgage preapproval. If there are significant changes in the borrower’s financial situation, such as a change in employment or a decrease in credit score, the lender may require an updated preapproval.

3. Market Conditions: Market conditions can also impact the duration of a mortgage preapproval. If interest rates or housing prices fluctuate significantly during the preapproval period, the lender may require a reassessment of the borrower’s financial situation.

Importance of Keeping a Valid Mortgage Preapproval

Maintaining a valid mortgage preapproval is crucial for several reasons:

1. Budgeting: A mortgage preapproval helps potential homebuyers determine their budget. By knowing how much they can borrow, they can focus their search on properties within their price range.

2. Negotiating Power: Having a valid mortgage preapproval gives homebuyers an advantage when negotiating with sellers. It shows that they are serious buyers who have already taken the necessary steps to secure financing.

3. Time Efficiency: With a valid preapproval, homebuyers can act quickly when they find a property they want to purchase. This can be especially beneficial in competitive real estate markets where properties sell quickly.


In conclusion, mortgage preapprovals typically last between 60 to 90 days, but the specific duration can vary depending on the lender’s policies and the borrower’s financial circumstances. It is important to keep a valid mortgage preapproval throughout the home buying process to ensure accurate budgeting, negotiating power, and time efficiency.


– Investopedia:
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