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A mortgage preapproval is typically valid for 30 to 90 days, with 60 days being the most common timeframe. This expiration is standard because lenders need to ensure your financial profile—including your credit, income, and assets—remains consistent before granting final loan commitment. If your preapproval expires, you will need to renew it by submitting updated documentation. Understanding the timeline and how to maintain your eligibility is crucial for a smooth homebuying process.
A mortgage preapproval is a lender's written commitment, based on verified financial documentation, stating the maximum loan amount you are likely qualified to borrow. This is a critical step that differentiates serious buyers from those merely browsing. Lenders set expiration dates, usually between 30 and 90 days, because your financial situation can change. They need current information to accurately assess your risk profile before you make an offer on a property. An expired preapproval relies on outdated data, which is why lenders require a refresh.
The validity period of a preapproval letter is not set by law but is determined by individual lender policy. The timeframe often correlates with the type of loan you are seeking. The following table outlines typical durations based on our experience assessment of common U.S. lending practices.
| Loan Type | Typical Preapproval Validity |
|---|---|
| Conventional Loan | 60–90 days |
| FHA Loan | 30–90 days |
| VA Loan | 60–90 days |
| USDA Loan | Approximately 60 days |
It is essential to check the specific expiration date printed on your preapproval letter, as policies can vary.
While a preapproval has a set expiration date, certain financial actions can cause a lender to revoke it prematurely. To keep your preapproval valid and avoid complications during your home search, follow these guidelines:
If your preapproval expires, you cannot use the letter to make an offer on a home. The renewal process is generally straightforward and involves resubmitting key documents for the lender to re-verify your financial status. This typically includes:
If interest rates have changed since your initial preapproval, the lender will also provide a new Loan Estimate, which details the projected loan terms and monthly payments. This may affect your purchasing power.
The process for keeping your preapproval current depends on whether it is about to expire or has already lapsed.
To Extend a Preapproval Before It Expires: If your letter is still valid but nearing its deadline, contact your lender. They may be able to issue a short-term extension with minimal documentation, such as recent pay stubs, without a full re-application. Ask if this update requires a new hard credit inquiry or if a soft pull suffices.
To Renew a Preapproval After It Expires: Once the letter has expired, expect a more thorough review similar to the initial application. You will likely need to submit a complete set of updated documents and undergo a new credit check. Communicate with your lender early to understand their specific renewal procedure and avoid delays when you find a home you wish to purchase.
It is important to distinguish between a preapproval and a prequalification. A prequalification is a preliminary assessment based on unverified, self-reported information. Because it is not backed by documentation, it does not have a formal expiration date, but it also holds little weight with sellers. A preapproval is a more robust, verified step that is essential for making competitive offers.
Key Takeaway: A mortgage preapproval is a time-sensitive document. To ensure a seamless home buying experience, monitor your preapproval's expiration date closely and avoid any major financial changes until your loan has closed. Proactive communication with your lender is the best strategy to maintain your approved status.
