How Long Is a Preapproval Good For? What to Know

“How long is a preapproval good for?” is a key question every smart homebuyer should ask. Most mortgage preapprovals last 60–90 days because lenders base them on recent credit, income, and asset checks that can change fast. In today’s market, many buyers refresh their preapproval at least once, and even a slight shift in credit score can alter the approved amount. Lenders often reverify your details before closing, so avoid taking on new debt and keep your documents up to date to stay prepared. Timelines can vary by lender and loan type, but a 60-day window is common, with extensions possible if you update your paperwork. The question, “How long is a preapproval good for?” also depends on rate moves and your job stability, so plan your search with a clear calendar. For sellers and landowners who value certainty, renowned real estate investors Steve Daria and Joleigh buy land for cash, as-is, with fast closings and no fees. Want tailored guidance or a quick cash route? Book a free discussion today.

Key Points

• Typical Preapproval Duration Is 60 to 90 Days: Most mortgage preapprovals are valid for about 60 to 90 days. This timeframe provides lenders with sufficient confidence that your financial situation won’t change significantly before you find a home.

• Expiration Doesn’t Mean Starting Over Completely: If your preapproval expires, you don’t necessarily have to begin from scratch. Often, you can update documents like pay stubs or bank statements to renew the preapproval.

• Changes in Finances Can Invalidate Preapproval Early: A significant financial change—such as switching jobs, taking on new debt, or experiencing a dip in your credit score—can render your preapproval null and void before it expires. Lenders want to ensure you can consistently repay the loan.

• Interest Rates Can Change Even During Preapproval Period: Preapproval locks in your creditworthiness, not your rate. If interest rates rise while you’re still house-hunting, it could affect how much home you can afford.

• Get Preapproved When You’re Ready to Buy: Timing matters. It’s best to seek preapproval when you’re seriously ready to shop, not months in advance, so you don’t risk it expiring before you find the right home.

What does a mortgage preapproval letter mean, and why does it expire?

To keep your preapproval active, you should avoid taking on new debt, changing jobs, or making large, unexplained bank deposits. 

If your letter is about to expire, contact your lender to refresh it, which may require updated documents and a new credit pull. 

Ultimately, it is always best to check directly with your loan officer to understand their specific timeline and requirements for maintaining your approval status.

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Why do home sellers prefer offers with a recent preapproval?

Home sellers strongly prefer offers backed by a recent mortgage preapproval because it gives them confidence that the buyer’s financing is secure and the sale will close without issues. 

A letter dated within the last 30 to 45 days proves a lender has recently reviewed your credit, income, and assets, significantly reducing the risk of delays. 

This up-to-date verification helps the entire process, including the appraisal and final underwriting, move more smoothly. 

An older or expired letter can signal to sellers that your financial situation may have changed, possibly due to new debt or a job switch, which weakens your offer.

Sellers and their agents know that asking “How long is a preapproval good for?” is important, as an expired approval is a major red flag. 

Buyers can easily refresh an aging preapproval by submitting updated documents to their lender and avoiding any new financial obligations. 

You should always check your lender’s specific policy on refresh timing to ensure your preapproval remains current throughout your home search. 

As a practical tip, always submit an offer with a preapproval letter that is less than 30 days old to present the strongest case to the seller.

What can shorten or invalidate my mortgage preapproval?

1. Taking on New Debt: Applying for new credit, such as a car loan or credit card, increases your debt-to-income ratio, which can lead a lender to reduce your approved amount or cancel it entirely. Always consult your loan officer before making any significant financial moves while your preapproval is active.
   
   
2. Changing Your Job or Income: Lenders require stable employment, so quitting your job or reducing your hours can render your approval invalid. The answer to “How long is a preapproval good for?” depends heavily on your income remaining consistent from application to closing.
   
   
3. Making Large Bank Deposits: Moving large sums of cash into your account without a clear paper trail raises red flags for lenders, who must verify the source of all funds. Undocumented deposits can put your loan application on hold or lead to its denial.
   
   
4. A Drop in Your Credit Score: Missing payments or increasing credit card balances can lower your score, making you a higher risk in the lender’s eyes. How long is a preapproval good for? Only as long as your credit profile remains stable.
   
   
5. Changing Loan or Property Type: Switching from a conventional loan to an FHA loan or deciding to buy an investment property instead of a primary home requires a new evaluation. These changes can affect your eligibility and necessitate a new preapproval process.

What documents do lenders need to issue or renew a preapproval?

To issue or renew a mortgage preapproval, lenders must verify your financial stability, which requires a specific set of key documents. 

You will typically need to provide recent pay stubs covering the last 30 days, your last two years of W-2s or tax returns, and bank statements for the past two months. 

Lenders also require a government-issued ID for identity verification and may request proof of other assets, such as investment account statements. 

They will need your consent for a credit check and may request explanation letters for any large or unusual deposits to verify the source of your funds properly. 

This documentation helps answer the question, “How long is a preapproval good for?” because its validity is tied to the currentness of these records. 

For a renewal, you will likely need to submit updated versions of your pay stubs and bank statements to confirm nothing has changed. 

A practical tip is to keep digital copies of these documents in a dedicated folder, making it easy to resubmit them quickly. 

Always ask your loan officer for their specific document checklist and timelines to ensure a smooth process.

How does an expiring preapproval affect the strength of my offer?

1. It Raises Seller Doubts: When you submit an offer with a nearly expired preapproval, sellers may question whether your financing will go through. Having a current letter gives them more confidence that your finances are stable and ready for closing.
   
   
2. Agents May Question Your Readiness: Real estate agents often ask, “How long is a preapproval good for?” An old letter may prompt them to wonder if your financial details have changed, and may lead them to request a new one before proceeding.
   
   
3. Potential Delays in the Process: An expiring preapproval can slow down your home purchase, as lenders rely on recent information for quick appraisals and approval. Stale documents may force you to pause the process while you gather updates.
   
   
4. Your Offer May Appear Weaker: Sellers compare multiple bids and often judge offers using the question, “How long is a preapproval good for?” A letter dated within 30 days stands out as stronger and more trustworthy than one that’s much older.
   
   
5. Additional Negotiation Hurdles Emerge: Sellers may require you to update your preapproval letter promptly, adding unnecessary stress and delays. If your letter is fresh, negotiations stay focused on the deal itself.

What is a quick checklist for maintaining my preapproval?

To keep your mortgage preapproval active and ready for an offer, follow a simple checklist. 

First, always monitor your letter’s expiration date, as its validity is limited. 

Since the answer to “How long is a preapproval good for?” is typically 60 to 90 days, staying on top of this timeline is crucial. 

Next, maintain a stable job and income, as consistency is key for lenders. 

Don’t open new credit accounts or make large purchases that increase your debt.

It’s also important to keep your credit card balances low and continue paying all bills on time. 

Be sure to save digital copies of new pay stubs and bank statements, and promptly respond to any requests from your lender. 

Finally, check in with your loan officer every 30 to 45 days to see if a refresh is needed to keep your file current. 

If your preapproval is nearing its expiration or your situation has changed, contact a professional today to get a quick and easy update.

**NOTICE: Please note that the content presented in this post is intended solely for informational and educational purposes. It should not be construed as legal or financial advice or relied upon as a replacement for consultation with a qualified attorney or CPA. For specific guidance on legal or financial matters, readers are encouraged to seek professional assistance from an attorney, CPA, or other appropriate professional regarding the subject matter.