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How long does pre-approval last?

What's the time limit after being preapproved? by MGreen from Lake Forest, California. Feb 11th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

It depends on who prepared the pre-approval and what information it was based on. Typically, a pre-approval is good for up to 30 days as the credit report may be aged and other financial documents would need to be resubmitted. I can help you directly if you'd like more information!

Feb 11th 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 663 contributions

60 days is a good rule of thumb, but that depends on when your credit report was run. Keep in mind that the lender will do a last minute "sweep" of your credit and employment, so if there were any additional inquiries or new debt, you will need to document them. Most mortgage credit reports also show employment and there will be a last minute call to verify your employment. Plan accordingly, but the best best is to make no changes in your credit or employment until after you close. Such is lending today...

Feb 11th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Typically pre approvals are good for 30 days.. the reality is that your credit cannot be more than 90 days old at the time of loan funding, and income and asset doc's have to be within 30 days from loan funding, so unless something major happens, getting your approval extended is usually not a problem.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Feb 11th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,092 contributions

Not long - but don't worry about it... At the time of final underwriting, lenders need to have the most current data. Most recent bank statement, most recent pay stubs, etc. Unless something has changed, you can feel confident that the initial review will still be valid months later. www.TwinCityHomeLoans.com

Feb 12th 2013
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I'm not really qualified to answer mortgage question but I can say, my "hopefully" soon to be lender told me 30 days.The hard pulls on the credit last 120 so if you have to extend the pre-approval, they don;t need to run your credit again during that time.

Feb 11th 2013
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Edgar Aranda (earanda)
#753 ranked lender in California - 93 contributions

pre approvals are usually good for 30 days, after that they would need to refresh your paystubs to keep up to date approvalthanks

Feb 11th 2013
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Dan Paladin (dpaladin)
#1 ranked lender in California - 658 contributions

Typically good for 30 days....then it can be re-issued with "fresh" documents...credit report is good for 90 days....Feel free to contact me directly for any further details...

Feb 11th 2013
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

Our is usually 60 days and then we have to re pull credit score

Feb 11th 2013
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Samantha Taylor (samantha)
#366 ranked lender in California - 29 contributions

Hi,Well, the time period for which a mortgage pre-approval is good depends on the loan program which you will be using. In most cases, a pre-approval for home loan is valid for 1-2 months. But again, there are certain mortgage experts who opine that a mortgage pre-approval is not worthy enough. It will be better if you could get a "conditional commitment" from the lender with the home address mentioned as - "to be determined". This will be a sort of promise from the bank's end to you stating that it will lend you money. This will give you an upper hand while negotiating with the sellers.

Feb 11th 2013
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