how long is a pre-approval good for?

do they expire?

Re: how long is a pre-approval good for?

I want to say ours was good for either 30 or 60 days. It took us over a year to find a house.....we had a lot of them expire LOL.

It's an easy process if they do expire, I would just email the bank and they would email me back a new one with a new date.

Re: how long is a pre-approval good for?

ours was good for 30 days, but the bank keeps sending us new ones once the old ones expire.

Re: how long is a pre-approval good for?

A preapproval doesn't expire the way a mortgage commitment does (a mortgage commitment is usually only good for 30 days).

But after 60 days or so, I always ask my buyer customers to get an updated letter from the lender who preapproved them. The purpose of a preapproval (besides giving you knowledge of what you can afford) is to show sellers - and their agents - that you are a qualified buyer. So the more recent, and the more detailed, the preapproval is, the better. And of course, if you've had any major financial changes since you obtained your preapproval (such as job change, job loss, huge raise, etc.), you should speak to the lender and get a new preapproval. It's only as good and as accurate as the info you provided to the lender.

Re: how long is a pre-approval good for?

thanks everyone!!