How Long Does A Mortgage Preapproval Last?

If you're in the market for a new home, it’s recommended you get a mortgage preapproval to start the home buying process. While a mortgage preapproval is not a 100% guaranteed mortgage loan, it can give you an idea of what type of loan terms you can expect and how much home you can afford. When you get preapproved for a mortgage, your lender will check your income and financial information to let you know how much home you can afford.

But if you're like most people, you may be wondering how long a mortgage pre-approval lasts.

What Is Mortgage Preapproval?

A mortgage preapproval is a conditional approval that lets you know what kind of loan terms to expect when you buy a house. As part of the preapproval process, the lender will check your income, credit score and debt-to-income (DTI) ratio. The credit check that your lender does may have a slight impact on your credit score, though if you apply for preapprovals with multiple lenders around the same time, these credit checks may be combined and considered one pull on your credit report.

The preapproval process helps you know whether you will be eligible for a mortgage and, if so, what kind of interest rate and terms you can expect. As part of the process, your lender will generally give you a preapproval letter — a document stating the maximum amount you can borrow, your estimated monthly payments and your interest rate. When you make an offer on a house, you can show the seller your preapproval letter. This lets them know you’re a serious home buyer and may help your chances of having an offer accepted.

Mortgage Prequalification Vs. Preapproval

There is a difference between preapproval and prequalification, although the two terms sound similar. During a prequalification, the lender will generally give you an idea of your rate and terms, based on financial information that you provide. Because the lender may do minimal verification of your numbers, any prequalification should be considered only preliminary.

On the other hand, the lender does a much more thorough review of your financial situation during the preapproval process. Since it requires more due diligence, it’s more credible than a prequalification. If you're serious about buying a home, you will want to take the necessary steps to get a mortgage preapproval letter.

How Long Does A Preapproval For A Mortgage Last?

Once you've been preapproved, your mortgage preapproval letter generally will last between 60 – 90 days, depending on your lender. There are a few reasons that the lender will put an expiration date on your preapproval letter. Primarily, it’s because your mortgage preapproval is based on your current financial situation. If your financial situation changes (like if you get a new job or take out a new loan), your lender will want to review your application again.

Can You Extend A Mortgage Preapproval?

While mortgage preapprovals do expire, it may be possible to extend a preapproval. This might be necessary if you’re having trouble finding a home that you want to buy. A preapproval extension may require an additional hard pull on your credit, which could possibly impact your credit score. The exact documents your lender may need to extend your preapproval will vary but will generally be similar to those needed for your initial preapproval.

When To Get Preapproved For A Mortgage

A preapproval should generally come fairly early on in the home buying process. It's important as the buyer to understand what kind of mortgage you are likely to qualify for. This can help guide your home buying process and reduce the chances of complications during underwriting and closing.

Having a Verified Approval Letter¹ from our friends at Rocket Mortgage® early in the process can also make your purchase offers more attractive to potential sellers. Knowing that you’re verified and preapproved helps sellers feel confident that you’re a buyer who won't waste their time and will be able to successfully close.

How To Get Preapproved For A Mortgage

Here is a step-by-step list that breaks down how to get mortgage preapproval:

1. Check your credit report: It’s a good idea to find out where you stand credit-wise before applying for preapproval. You can visit AnnualCreditReport.com to request a free copy of your report from the three major credit bureaus. Doing this will help you ensure your credit report is up to date and that there are no errors. You can also monitor your credit consistently with Rocket Money^SM.
2. Gather the necessary documentation: The preapproval process will go faster if you first take time to gather all the documentation your lender will need. The exact documents needed will vary by lender, but will likely include paystubs or proof of income, W-2 statements, bank statements and tax information.
3. Wait until you’re ready: Since preapproval letters expire after a certain amount of time, you should wait to apply until you are seriously considering finding and making an offer on a house.
4. Apply with your lender: The final step is to apply for mortgage preapproval directly with your lender.

The Bottom Line

Getting preapproved in the early stages of the home buying process can be one of the most important steps you can make. Getting preapproved from a reputable lender helps you know whether you’ll be approved for a mortgage, and how much of a mortgage you qualify for. This can help guide you as you start the home buying process. Having a preapproval letter can also help as you make purchase offers — it lets sellers know that your offer is a serious one that is more likely to close.

If you’re starting the home buying process, consider applying for preapproval with Rocket Mortgage today.

¹Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, assets and debt. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Rocket Mortgage’s control, including, but not limited to satisfactory insurance, appraisal and title report/search, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close due to a Rocket Mortgage error, you will receive the $1,000. This offer does not apply to new purchase loans submitted to Rocket Mortgage through a mortgage broker. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional conditions or exclusions may apply.