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Can I get my Approval Extended?

My LO has been out of the office for a few days now (since last Friday). I am nearing the end of my approval letter (90 days) on February 15th. Do lenders ever extend an approval letter? I am having a hard time getting my bid accepted. I keep getting overbid. LA / Brentwood market is tough!! I hate to keep having my credit hit. by bradl518 from Dana Point, California. Feb 5th 2019 Reply


Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,876 contributions

27-years in the business, and I've never written an approval letter with an "end date". Technically, a pre-approval letter is worthless 5 minutes after writing it. This is because if something changes, it invalidates the approval. On the opposite hand, if nothing has change, assume you are just fine. Next, contrary to popular myth, inquiries on your credit report are completely meaningless for 99% of people 99% of the time. Stop worrying about it. I lend in MN, WI, and SD. I can be reached at StPaul-Mortgage.com. NMLS274132

Feb 5th 2019
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,620 contributions

Yes.. we extend pre approvals all the time. Assuming nothing has changed in your profile, then you should be fine.. as far as the hit on the credit report, typically, if you have really high scores, the credit inquiry might not have any affect.. but if your score is really low.. then it could change the score negatively.. In both scenarios, credit inquiries no longer have an affect on your credit scores after 120 days.. Regardless, because of the CA market, it's best to let your loan officer re-pull the credit report and extend the approval letter another 90 days,,, I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Feb 5th 2019
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