How long does mortgage preapproval last?

Mortgage preapproval shows agents and sellers you’re serious about buying a home. It also demonstrates you can likely secure financing. Getting preapproved for a mortgage also helps you understand how much you can afford to spend on a house, which can give you an edge in competitive markets. But some prospective home buyers don’t realize that mortgage preapproval comes with an expiration date. So how long does preapproval last? Generally, you should wait to get preapproved until you’re ready to start seriously house hunting. Here’s what you need to know.

What is mortgage preapproval?

Mortgage preapproval is a process in which a lender reviews your financial information and estimates how much you will be able to borrow. Many agents require clients to get a preapproval before showing homes, and sellers prefer offers from preapproved buyers.

During the mortgage preapproval process, lenders evaluate your income, assets, liabilities, and credit score. Because this requires a hard credit inquiry, it’s a more reliable estimate than a mortgage prequalification, which is simply a preliminary assessment based on unverified, self-reported information.

How long does a mortgage preapproval last?

Most preapproval letters are valid for 60 – 90 days. Lenders want to make sure your income, debts, and credit score haven’t changed significantly. If your preapproval expires, you’ll need to reapply with the same lender or a new one, which will require another hard credit inquiry.

If you’ve improved your credit score, reduced debt, or increased your income, you may be preapproved for a larger loan.

When should you apply for mortgage preapproval?

The best time to get preapproved is when you’re ready to seriously shop for a home. That way, your preapproval will be valid while you’re touring homes, and you’ll have it ready when it’s time to make an offer.

If you apply too early, your preapproval may expire before you find a home to buy. If that happens, you’ll need to provide updated documents and undergo another credit check.

You can look at homes without mortgage preapproval, but you won’t know in advance how much you can expect to borrow. If you overestimate your borrowing power, you may be unable to get approval in time to bid on a home you want.

How long does mortgage preapproval take?

The exact amount of time it takes to get preapproved for a mortgage will depend on your lender and financial situation. Preapproval typically takes 1 – 3 days, though some lenders may issue preapproval the same day you’ve applied.

Before applying, you can use our mortgage affordability calculator to give yourself a ballpark estimate of how much you may be able to borrow based on your income and debts, though it isn't an official preapproval.

Once you submit your application, lenders can provide a preapproval in days. At Rocket Mortgage, the process is simple:

1. Submit a mortgage application.
2. Provide financial documents like pay stubs, W-2 or 1099 forms, and bank statements.
3. Complete a credit check.
4. Receive a preapproval letter.

For even more confidence, Rocket offers a Verified Approval Letter¹, which involves an even deeper review of your finances and shows sellers you’re a serious buyer who’s ready to close.

How many preapproval letters should you get?

Preapproval letters from more than one lender let you compare loans, interest rates, and fees. Usually, it’s advisable to contact at least 3 different lenders so you can compare the terms they’re offering to make sure you’re getting the best terms possible for your situation.

If you apply for multiple preapprovals within a 14-day window, credit bureaus typically count them all as a single hard inquiry on your credit report. That means you can apply for several preapprovals without significantly affecting your credit score.

When comparing offers, look at more than just the interest rate. Consider the loan terms, fees, and overall costs.

The bottom line: Get preapproval when you’re ready to buy

Mortgage preapproval helps clarify your budget and shows sellers that you are a qualified buyer who can likely get financing. Preapproval is typically valid for 60 - 90 days, so it’s best to wait to apply until you’re actively ready to start touring homes. Be sure to compare multiple lenders for the best terms and start your Rocket Mortgage application when you’re ready.

¹ Participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of your credit, income, employment status, assets and debt. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Rocket Mortgage’s control, including, but not limited to satisfactory insurance, appraisal and title report/search, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close due to a Rocket Mortgage error, you will receive the $1,000. This offer does not apply to new purchase loans submitted to Rocket Mortgage through a mortgage broker. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional conditions or exclusions may apply.