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You are here: Home / Blog / Preapproved For a Mortgage – How Long Do I Have Until It Expires?

Preapproved For a Mortgage – How Long Do I Have Until It Expires?

December 9, 2020 by Sean Zalmanoff

What a lot of people don’t know is that mortgage pre-approvals come with an expiration date!

One of the most difficult and stressful parts of buying a new home isn’t finding the perfect place for you and your family to move into. For a lot of people, it’s the preapproval process.

Before a lender gives you that preapproval letter, you likely cannot even begin to look for a new home since you won’t know what your budget is! Once you do get pre-approved, however, a sigh of relief often follows, and you now think you have all the time in the world to find a perfect house. Except, you don’t. What a lot of people don’t know is that mortgage pre-approvals come with an expiration date!


Why Do Lenders Set Expiry Dates on Pre Approvals?

The short answer is: because of the market. The mortgage pre-approval means the lender has looked into your financial situation and has established you are a good candidate for a certain loan amount and a certain interest rate.

However, many issues could potentially throw off the market’s balances, such as a recession, a crisis, or even news the Federal Reserve is expected to raise rates. Not to mention, your financial situation could potentially change as well, like losing your employment or getting a pay cut. This can all drastically change your borrowing situation and affect your ability to pay back the loan with the amount you were initially approved for.

For these reasons, the mortgage pre-approval comes with a set expiration date, and it’s imperative to know it and keep it in mind when looking for homes.

How Long Does a Pre Approval Last?

The expiry date for a preapproval varies from lender to lender and may also be influenced by the market and your financial situation.

In most cases, mortgage pre-approvals expire within 30 to 180 days. For example, if the lender is not convinced of your job’s stability, or you are borrowing in a volatile market, your timeline will be much shorter. If your job is stable, you may get the 180-day window.

A common timeframe, however, is 3 months. But a lot can happen in three months, so even if you do get pre-approved, it is not a guarantee that you will end up getting the loan at the initially-approved amount. Your file is re-evaluated before you are given the fund.

TBD Mortgage Approval Program

Navigating the process of getting a mortgage is not as straightforward as people may think, which is why it’s essential to work with a lender who takes the time to guide you through the different stages and can provide you with the best advice.

The Sean Zalmanoff Mortgage Team will not only take the time to match you with the best mortgage loan product available that you can qualify for before you even have a house in mind, but we also go further. Our mortgage underwriters will examine your credit history, employment history, debt ratios, down payment amount, reserves, and any other necessary documentation to get you approved for financing while your house is still “To Be Determined.”

Call The Sean Z Team Today!

Home of the TBD $5K Guarantee Approval

(314) 361-9979

Filed Under: Blog Tagged With: pre-approved mortgage

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Sean Zalmanoff: Better Rate Mortgage

1118 Hampton Ave
St. Louis, MO 63139
(314) 361-9979

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