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How Long Does A Mortgage Pre-Approval Last?

By Stacy Williams

How long does a mortgage pre-approval last? Does a pre-approval mean I will get the mortgage when I want to buy? Can a pre-approval help me buy a home?

In general a mortgage pre-approval proposal will be valid for 60-90 days after issue. Lenders feel that this is sufficient time to find a home to purchase and make an offer. Because financial information can change quickly, mortgage brokers only extend the period for a short time to ensure that you will actually still qualify. There is no limit to how many times you can pre-qualify for a mortgage, so if your offer expires, apply again to the lender. Just keep in mind that this is a credit application process and to many requests for credit will show negatively on your credit report.

Does a pre-approval mean I will get the mortgage when I want to buy?

Generally speaking, when you are pre-approved for a mortgage the lender is stating they are ready to work with you when you are ready to purchase a home. There are events that can cause the lender to withdraw their offer. If the home is greatly overpriced compared to market value you probably will not get the mortgage. If, upon inspection, it is found that the house has severe structural damage, hazardous contamination or is deemed unsafe the offer will be withdrawn.

Can a pre-approval help me buy a home?

A pre-approval on a mortgage is beneficial in many ways. It can help you, when looking for a home, determine a price range. Sellers will feel more confident negotiating with a buyer that is pre-approved. Sellers often have their hopes let down as negotiations proceed and the buyer is then unable to get a mortgage. Pre-approval will also help you move fast on a home purchase if the market starts to change. Pre-approved status will move you through the paperwork process quickly.

Related posts:

1. How are Pre-Qualification and Pre-Approval Different for a Mortgage Loan?
2. How Long Is A Mortgage Pre-Approval Good For?
3. How Do I Get Pre-Approved For A Home Mortgage?
4. How Long Does It Take To Close A Mortgage Loan?
5. How Do I Pre-Qualify For A Mortgage Loan?