.avif)
You sent in your documents, the lender verified them, and you got a preapproval letter. You're cleared to shop for homes.
Then life happens. You don't find the right house right away, or the market isn't cooperating. Weeks turn into months, and you start wondering: is my preapproval still valid?
Most preapprovals last 60 to 90 days. The expiration date is only part of the answer, though. What matters more is whether the information your preapproval was based on has changed.
How long preapprovals last by lender type
- Large banks: 60–90 days, often on the shorter end.
- Credit unions: 60–90 days, varies by institution.
- Mortgage brokers: 60–90 days, set by the wholesale lender.
- Online lenders: 60–90 days. Some offer 120-day windows.
- Builder-preferred lenders: up to 120 days, to match new construction timelines.
The duration is usually printed on your preapproval letter. If it isn't, ask your loan officer. A preapproval you think is current but has expired can cause problems when you make an offer.
Why preapprovals expire
A preapproval is a snapshot of your finances on one day. Over time, several things can shift:
- Credit score: new inquiries, changed balances, late payments, or new accounts can move your score up or down.
- Income: job changes, raises, pay cuts, or gaps in employment change your qualifying income.
- Debt: a new car loan, higher card balances, or a student loan deferral ending all change your debt-to-income (DTI) ratio.
- Assets: large deposits, large withdrawals, or moving money between accounts can raise questions in underwriting.
- Interest rates: if rates have moved a lot since your preapproval, your qualifying loan amount may be different.
- Tax and insurance estimates: if you're now looking in a different area or at a different property type, the costs used in your DTI may need updating.
What triggers re-verification, even before expiration
Even if your preapproval hasn't expired, some events require your lender to re-verify your information before the loan can close:
- Job change or promotion: even a positive change needs new verification. If you switch employers, you'll need new pay stubs and possibly a new employment check.
- Large deposits or withdrawals: amounts over 50% of your monthly income have to be sourced. Your lender needs to know where the money came from or went.
- New credit accounts: opening a card, financing furniture, or cosigning a loan during the process is a common mistake that can delay or derail closing.
- Address change: if you move between preapproval and closing, the lender needs updated documents.
- Marital status change: marriage or divorce changes your legal and financial profile.
The golden rule: between preapproval and closing, change as little as possible about your finances. Don't switch jobs, don't make large purchases, don't open or close credit accounts, and don't move large sums between accounts. Your lender will re-verify everything before closing.
How to renew an expired preapproval
Renewing is much easier than getting preapproved the first time.
- Contact your loan officer. Tell them your preapproval has expired or is about to, and that you want to renew.
- Send updated documents. Usually your last 30 days of pay stubs, your last 60 days of bank statements, and anything else that has changed.
- Expect a credit refresh. At Altgage, preapproval uses a soft pull, so renewing doesn't affect your score. If your file needs a hard pull (an underwritten preapproval, or once you're under contract), mortgage inquiries within a 45-day window count as one inquiry for FICO scoring. See does preapproval hurt your credit score?
- Get the updated letter. Turnaround is usually 1–3 business days, because the lender already has your file.
Does your rate change when you renew?
It can. A preapproval letter quotes a rate based on the market on the day it was issued. When you renew, the quote reflects current rates, which may be higher or lower.
A preapproval is not a rate lock. Your rate isn't guaranteed until you lock it, usually once you're under contract on a specific home. Until then, the rate on your letter is an estimate. Read what happens when you lock your mortgage rate for how locks work.
If rates have risen since your first preapproval, your maximum loan amount may go down. A higher rate means a higher estimated payment, which pushes up your DTI ratio.
Preapproval vs. rate lock: the timeline
- Prequalification: a quick estimate based on what you tell the lender. Soft pull. Rate not guaranteed.
- Preapproval: your documents are verified. Soft pull at Altgage. Rate not guaranteed. Lasts 60–90 days.
- Rate lock: your rate is guaranteed through closing. Usually 30–60 days.
- Closing: the loan funds and your rate is final.
The usual order is preapproval first, to set your budget and make offers, then a rate lock once you're under contract with a closing date. Your preapproval rate is directional. Your locked rate is binding. If you're deciding when to lock, read should I lock my mortgage rate today?
How to keep your preapproval ready
- Set a reminder two weeks before it expires. That leaves time to renew if you find a home right at the deadline.
- Keep your documents in one folder. Current pay stubs, bank statements, and tax returns make renewal quick.
- Tell your lender about changes right away. A raise, a new car loan, or a large gift deposit is easier to handle early than during re-verification.
- Ask about longer preapprovals. Some lenders offer 120 days, especially for new construction. If your search may run past 90 days, ask up front.
Frequently asked questions
Can I get preapproved again with a different lender?
Yes. You aren't committed to the lender who preapproved you. Many buyers get preapproved with two or three lenders to compare rates and service. If any of those involve a hard pull, doing them within the 45-day FICO shopping window means they count as one inquiry.
Does a preapproval guarantee I'll get the loan?
No. A preapproval is conditional. The home still has to appraise at or above the purchase price, the title has to be clear, and your finances have to stay the same through closing.
What if my credit score dropped since my preapproval?
If your score falls below a key threshold, your loan terms can change or you can lose eligibility for some programs. That's why you should avoid new credit and keep card balances low while you buy. If your score has dropped, ask about a rapid rescore.
Should I get preapproved before I look at homes?
Yes. A preapproval tells you your real budget, makes your offers competitive, and shows sellers you're serious. Most listing agents won't take an offer seriously without one. Start with a free quote at rates.altgage.com to see where you stand, then get preapproved when you're ready to shop.
The bottom line
Mortgage preapprovals last 60 to 90 days, and renewing one is simple. The bigger risk isn't the calendar. It's a change in your finances between preapproval and closing. Avoid new debt, large money moves, and job changes during that time.
If your preapproval is about to expire and you haven't found a home, renewal takes 1–3 days and your quote will update to current rates. Stay in touch with your lender and renew before you need it.
Check today's rates at rates.altgage.com or get pre-approved.
Related Reading on Altgage
