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 Real Estate 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.
- The lender may pull your credit again and request updated pay stubs, bank statements, or tax documents.
Pro Tip: Avoid making large purchases or opening new credit accounts while house hunting—this could affect your renewal.
Can you renew a mortgage pre-approval?
Yes, you can renew a pre-approval if it expires. The process is typically simpler than the initial application, as the lender already has most of your information on file. To renew:
- Contact your lender before the expiration date.
- Submit any updated financial documents.
- Allow the lender to perform a new credit check.
How to avoid your pre-approval expiring
To keep your pre-approval valid while searching for a home:
- Start house hunting soon after getting pre-approved.
- Work with your real estate agent to make competitive offers quickly.
- Keep your finances stable—don’t switch jobs, make large purchases, or take on new debt.
Advantages of getting pre-approvals from multiple lenders
- Compare interest rates, fees, and loan terms side-by-side.
- Evaluate customer service and responsiveness.
- Multiple inquiries within ~30 days are treated as one for credit scoring purposes.
- Can lead to better loan terms and potential long-term savings.
The role of pre-approval in competitive markets for first-time homebuyers
- Signals to sellers that you’re financially ready to buy.
- Helps your offer stand out in bidding wars.
- Can speed up negotiations.
- Provides a competitive edge against more experienced buyers.
The importance of pre-qualification for first-time homebuyers to establish a budget
- Gives an early estimate of how much you can afford.
- Helps narrow your home search to realistic options.
- Reduces risk of falling for a home outside your budget.
- Prepares you for the documentation needed during pre-approval.
>> Read: 23 Common First-Time Homebuyer Questions
Key takeaways
- Most pre-approvals last 60–90 days, but this varies.
- They can be renewed with updated financial information.
- To avoid delays, get pre-approved when you’re ready to actively shop for a home.
Once you’re pre-approved, the next step is choosing the right loan for your needs. Check out our guide on Types of Home Loans: How to Choose the Right Mortgage for You to explore your options.
FAQs about mortgage pre-approvals
1. How long does a mortgage pre-approval last?
Most pre-approvals are valid for 60–90 days, depending on your lender.
2. Does a mortgage pre-approval guarantee a loan?
No, it’s not a guarantee.Final approval happens after you’ve made an offer and the lender verifies all details.
3. Can I get multiple pre-approvals from different lenders?
Yes, and shopping around within 30 days won’t hurt your credit score.
4. What’s the difference between pre-approval and pre-qualification?
Pre-qualification is a rough estimate based on self-reported info. Pre-approval includes a credit check and document review, making it more accurate and credible to sellers.