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How Long Is A Mortgage Pre-Approval Good For?

By Stacy Williams

How long is a mortgage pre-approval good for?  Read here to find out how long your mortgage pre-approval will last!

Prior to finding a home to buy, many people like to get a mortgage pre-approval from a lender.  While many people think there mortgage pre-approval will last for a long time, there are several things which could affect how long the pre-approval will last.

Loan Documents

The first item that could affect how long your mortgage pre-approval will be good for is the loan documents.  In many situations, the loan documents or pre-approval letter that you receive for your mortgage pre-approval will state a specific period of time for how long the pre-approval is good for.  In many situations, the pre-approval on a mortgage may only bee good for a period of 30 to 60 days.  Other documents may be silent on the issue.

Interest Rate Changes

The next first item that could affect how long your mortgage pre-approval will be good for is a change to market interest rates.  The pre-approval that you receive from a mortgage lender is based partially on the interest rate that they can offer your.  If market interest rates change prior to closing on your home, the mortgage lender may be forced to pull their pre-approval.  This could take place at anytime.  Because of this, it is important to get an interest rate lock along with the pre-approval letter.

Change In Loan Amount

The third item that could affect how long your mortgage pre-approval will be good for is a change to the loan amount you wish to borrow.  If you decide to increase the loan amount that you want to borrow, the mortgage lender may be forced to pull the mortgage pre-approval.  This could happen instantly after you change the loan terms.

Related posts:

1. How Long Does A Mortgage Pre-Approval Last?
2. How are Pre-Qualification and Pre-Approval Different for a Mortgage Loan?
3. What If Mortgage Interest Rates Change Before I Close On My Home?
4. What Are The Steps To Closing A Mortgage Loan?
5. Should I shop online for a mortgage interest rate?