After you get a pre-approval letter, how long is it valid? We’ll explore this question today.
People often ask me how long mortgage pre-approval letters remain valid. This is a great question because, in this particular market, getting pre-approved before you start your search could be the difference between finding your dream home and spinning your wheels.
Our current market is very competitive, so any home you set your sights on is sure to sell quickly. In other words, you must be prepared to act fast.
Our team would be happy to refer you to an experienced local lender, who can guide you through the pre-approval process one step at a time. Once the process is complete, they’ll hand you the pre-approval letter we mentioned at the beginning of this message. So, returning to our main topic, how long are such letters valid?
In short, pre-approval letters will remain valid anywhere between 90 to 180 days from the date they’re issued. The reason these letters expire in the first place is that a person’s finances can dramatically change in a short period of time. And given that a pre-approval letter is designed to represent your financial capacity to purchase a home, lenders want to make sure that the information in the letter (which you’ll show to sellers when making your offers) is still relevant.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.