Looking to purchase a home? How long is a pre approval letter good for? In this video, we discuss the pre approval process and why getting a pre approval is crucial before starting the home buying process. We also answer the question of “How long is a mortgage pre approval letter good for?”.
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How long is a pre approval letter good for? How long does pre approval last?
In most cases a pre approval for buying a home is good for somewhere around 90-120 days due to the time that most lenders want an updated credit report. Most lenders will require an updated credit report after that 90-120 day timeframe to make sure you haven’t acquired any additional debts, inquires and to confirm nothing has changed, that’s why most pre-approvals expire after that initial time frame.
That doesn’t mean that the day the pre-approval expires you need to go out and have your credit rerun. In most cases, I would say that as long as your credit profile hasn’t changed, then you are likely good to extend beyond that timeframe without having your credit report rerun.
Why get a pre approval if it’s going to expire?
When buying a house, the first step is always to get pre approved to make sure that you can actually qualify to purchase a home. This step is critical in the home buying process and will not only confirm that you can purchase a home but it will also let you know how much home you can afford based on your debt to income ratio.
Are you considering buying a home and have questions about the pre approval process or how long is a bank pre approval good for? If so, please comment below or contact me directly.
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