How long does mortgage preapproval last?

Mortgage preapproval shows agents and sellers you’re serious about buying a home, helps you understand how much you can afford to spend on a house, and can give you an edge in competitive markets. But mortgage preapproval doesn’t last forever, so it’s a good idea to make sure you’re ready to start shopping for a home before applying.

What is mortgage preapproval?

Mortgage preapproval is where a lender reviews your financial information and estimates how much it expects you’ll be able to borrow. Many real estate agents require clients to get mortgage preapproval before they’ll show you any homes. Sellers may prefer offers from buyers who have a mortgage preapproval.

When you apply for mortgage preapproval, the lender will review your financial documents to evaluate your income, assets, liabilities, and credit score.

Because preapproval requires a hard credit inquiry, it’s a more reliable estimate of how much you can expect to borrow than prequalification.

How long does a mortgage preapproval last?

Most preapproval letters are valid for 60 to 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.

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 possibly making 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 and risk being unable to get approval in time to bid on a home you want.

How long does mortgage preapproval take?

Once you’ve submitted your financial documents and application, many lenders can provide a preapproval in just a few 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. The Consumer Finance Protection Bureau suggests you contact at least three lenders when shopping for a mortgage.

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 you understand how much you can borrow, connects you with more agents who can find you a home, and persuades sellers that your offer is legitimate. Since preapprovals are usually valid for 60 – 90 days, make sure you’re ready to buy so that you can make the most of it before it expires.

If you’re ready to take the next step, start your application with Rocket Mortgage today.