How Long is a Preapproval Valid
A home loan preapproval is typically valid for **60 to 90 days**, depending on the lender. This timeframe can vary slightly, but 90 days is the most common duration.
What happens to the preapproval after 90 days?
- If your preapproval expires and you haven't found a home yet, you will need to reapply or update your information with the lender. This may involve another credit check and a review of any financial changes, such as income, debts, or savings.
Why does the preapproval expire?
- Lenders set an expiration date because your financial situation and market conditions can change over time, and they want to ensure your information is up to date before issuing the loan.
Renewing or Extending Preapproval:
- If your situation hasn't changed much, the process to renew or extend the preapproval is usually quicker and easier than the original application. It typically involves confirming that your financials and credit score haven't changed significantly.
It’s a good idea to be actively searching for a home during this preapproval window, so you're ready to act when you find the right property.
