How long does a pre-approval last?
Most letters run 60 to 90 days. They expire because the data behind them goes stale, not because anyone doubts you.
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Validity
Validity
Why letters expire
A mortgage pre-approval lasts 60 to 90 days on most letters. The exact window is set by the lender.
They expire because the letter rests on a snapshot of your income, assets, debt-to-income ratio and credit report. Two months later that snapshot may no longer be accurate, so it gets refreshed rather than trusted.
The life of a letter
Why it expires and what happens next
Reissuing is not starting over. Your accounts are simply re-checked.
When it lapses
What happens next
Less than people expect.
The data is refreshed
Your connected accounts are re-checked. You are not filling in a new application from the beginning.
The number is recalculated
If your income, debts, credit score or reserves have moved, so does your maximum. If nothing has changed, neither does the letter.
A new letter is issued
With a fresh expiry date. About 90 seconds, and no credit inquiry at this stage.
Also useful
Reissuing before it expires
At your offer price
If your letter says $485,000 and you are offering $430,000, ask for it to be reissued at the offer amount. Otherwise the seller sees your remaining room.
After paying off a debt
Clearing a car loan or a card frees up housing budget. A reissue reflects that.
After a raise
More documented income means a higher ceiling, but it usually needs to be established rather than brand new.
If rates move
Your maximum is calculated at current rates. A meaningful rate change moves what the same payment supports.
Before a competitive offer
A letter dated this week reads better than one dated two months ago.
It costs nothing
There is no fee and no credit check for a reissue.
Worth knowing
Keeping it valid while you shop
Do not take on new debt
A new car loan changes your debt-to-income ratio and can lower your ceiling at the next reissue.
Tell your loan officer before a job change
Employment gets re-verified. A move mid-search complicates things.
Keep large deposits documented
Money arriving without an explanation has to be sourced by an underwriter later anyway, so keep the trail.
Avoid closing old credit accounts
It can shorten your credit history and move your score at the wrong moment.
Practical timing
When to get your first letter
A letter lasting 60 to 90 days makes people wait, in case they use it up. That logic works against them.
Early tells you your real number
Before you tour homes you cannot finance, and while there is still time to fix whatever needs fixing.
A problem found in month one is solvable
Found the week you want to offer, it is not.
Nothing is consumed
A reissue takes about 90 seconds and runs no credit inquiry, so there is no cost to holding a letter that expires unused.
Not sure where you stand?
Check your readiness first if you are more than a few months out.
Questions
Common questions
How long is a mortgage pre-approval good for?
Most letters last 60 to 90 days. The exact period is set by the lender and appears on the letter itself.
What happens when my pre-approval expires?
It is reissued using refreshed data rather than started over. With Preqly that takes about 90 seconds and involves no credit inquiry.
Can I extend a pre-approval?
In practice you reissue rather than extend. The result is the same, with a new expiry date.
Does reissuing hurt my credit?
Not with Preqly, because there is no credit inquiry at this stage.
Will my amount change when it is reissued?
Only if your finances or rates have changed. If nothing has moved, the number usually stays the same.
Keep reading
Related guides
Mortgage pre-approval
The full guide to the letter and how to use it.
The letter explained
Every line, and what agents check.
Will I get approved?
Reading whether your file is on track.
Independent sources
- Consumer Financial Protection Bureau — keeping your finances steady while you shop
See your real number
Verified income and assets, in about 90 seconds.
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