How long does a mortgage pre-approval last?

Home Forums Mortgage How long does a mortgage pre-approval last?

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    Team StellarFi

    The period of pre-approval depends on your lender. Most pre-approvals last 90 days, but others may only be limited to 60 or 90 days. 

    The details about the expiry of the pre-approval will be mentioned in the mortgage pre-approval letter.  The letter also contains details of the specific amount you are conditionally approved for. You can also see the loan type you qualify for and the interest rate the lender will charge on completing the application. A mortgage pre-approval letter is important because it provides lenders proof of your ability to go through with the purchase. 

    Experts advise that you get your mortgage pre-approval just before beginning house-hunting because of the limited period of the pre-approval. This may give you a competitive edge especially if several buyers are also offering for the same house. A loan officer can help you with an initial assessment if you’re not sure you’re ready to buy a home yet.

    Remember not to get a preapproval too early because it only lasts three months and you may not always find a home in that short period. It is a good idea to research the neighborhood and market you want to purchase the house in while consulting a real estate agency and getting your credit profile updated before applying for pre-approval. 

    At the same time, don’t wait too long to get a pre-approval because you may lose your dream home to someone else because your lender has yet to review your pre-approval application.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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