When you’re house hunting, getting pre-approved for a mortgage is an essential first step. But how long does that pre-approval actually last? Whether you’re browsing homes for sale in Austin, TX or planning to make an offer on a home in Seattle, WA, knowing the timeline for a pre-approval can help you plan your next move and avoid surprises.
This Redfin article explains how long mortgage pre-approvals are valid, what happens when they expire, and how to renew one if needed.
What is a mortgage pre-approval?
A mortgage pre-approval is a letter from a lender stating how much they’re willing to lend you to buy a home. It’s based on a detailed review of your financial situation, including:
- Your credit score
- Income and employment history
- Debt-to-income (DTI) ratio
- Assets and liabilities
Unlike pre-qualification (a less formal estimate), pre-approval involves a hard credit check and document verification. Sellers often view buyers with a pre-approval letter as more serious and reliable.
>> Read: Pre-Approval vs. Pre-Qualification
How long is a pre-approval good for?
Most mortgage pre-approvals are valid for 60 to 90 days, but this can vary by lender and market conditions. Here’s a quick breakdown:
| Lender | Typical Validity Period |
| Big Banks | 60–90 days |
| Credit Unions | 60–120 days |
| Online Lenders | 30–90 days |
This timeframe exists because your financial situation (credit score, income, debt) and market conditions can change over time.
Why do pre-approvals expire?
Lenders set expiration dates on pre-approvals for two main reasons:
- Financial changes: Your credit score, income, or debts may change in a few months.
- Market conditions: Interest rates and loan programs fluctuate, impacting how much you can borrow.
>> Read: Can You Get a Mortgage with a New Job?
What happens when a pre-approval expires?
If your pre-approval expires before you’ve found a home:
- You’ll need to contact your lender to update your financial information.