How Long Does a Mortgage Preapproval Last

No. A preapproval is the first major hurdle, but you still have to clear “final underwriting” once you have a specific property under contract. The final approval depends on a successful home appraisal, a clean title search, and a final review of your finances just days before closing.

Yes. A preapproval is a conditional offer, not a guarantee. Your letter can be revoked if you:

• Take out a new loan (like a car or a large credit card balance).

• Quit or change your job.

• Experience a significant drop in your credit score.

• Use your down payment savings for a different purchase.

Don’t panic. If your letter expires, you simply need to ask your lender for a “refresh.” If your job, income, and debt have remained stable, the lender can usually issue a new letter within 24 hours. They will likely ask for your most recent 30 days of pay stubs and a new bank statement to bring your file current.

While you only need one letter to submit with an offer, it is strategically wise to get 3 to 5 preapprovals from different lenders. This allows you to compare interest rates, origination fees, and loan terms. Since you are already undergoing a credit pull, shopping around within that 45-day “safe window” costs you nothing in extra credit damage and could save you thousands over the life of the loan.

A preapproval involves a “hard” credit inquiry, which can typically lower your score by about 5 points. However, in the context of preparing to buy, this is a necessary step. If you apply with multiple lenders within a short window (usually 14 to 45 days), credit bureaus treat all those inquiries as a single event, minimizing the impact on your overall score.

In 2026, digital lending platforms have accelerated this process.

• Standard W-2 Employee: Can often receive a preapproval in 24 to 72 hours.

• Self-Employed Home Buyer: May take 3 to 7 business days as underwriters must verify more complex tax returns and profit-and-loss statements.

• Complex Portfolios: Real estate investors with multiple properties may wait up to 10 days for a full manual review.

You should apply for preapproval just as you are ready to begin serious house hunting. If you apply too early (e.g., six months before you plan to move), your letter will expire before you even make an offer. Ideally, you should have your preapproval in hand about two weeks before you start visiting homes with a real estate agent, ensuring you have the full 90-day window to negotiate.

Financial snapshots age rapidly. A new car loan, a change in employment, or a significant dip in your savings can all change your debt-to-income (DTI) ratio. Lenders limit the lifespan of a preapproval to protect themselves from lending to someone whose financial health has shifted since the initial audit. For anyone preparing to buy, this means you must maintain “financial stasis” while your letter is active.

Most mortgage preapproval letters are valid for 60 to 90 days. Lenders set this timeframe because your financial situation (and the broader market interest rates) can change quickly. If 90 days pass and you haven’t yet found a home, the lender will need to refresh your file with updated pay stubs and a fresh credit check to ensure you still meet their lending criteria.

A mortgage preapproval is a formal document from a lender stating the specific amount they are tentatively willing to lend you based on a deep dive into your financial history. Unlike a prequalification—which is a simple estimate based on self-reported data—a preapproval requires a “hard” credit pull and verification of your tax returns, pay stubs, and bank statements. In the stage of preparing to buy, this letter is your proof to sellers that you have the financial backing to close the deal.