A mortgage pre-approval typically lasts 60 to 90 days, depending on the lender. Some lenders set a shorter window of 30 days, while others extend up to 90. After that window closes, you’ll need to renew it if you’re still house hunting.
Why Pre-Approvals Expire
A pre-approval is a snapshot of your finances at one moment in time. The lender checked your income, debts, credit score, and assets, then determined how much they’d be willing to lend you. But your financial picture can shift quickly. You might take on a car payment, change jobs, or see your credit score move. Lenders set an expiration date so they’re not making offers based on stale information.
Interest rates also change constantly. The rate environment that existed when you got pre-approved may look very different two or three months later, and lenders want to reassess before committing further.
What Can Void It Early
Your pre-approval can effectively become worthless before it officially expires if your financial situation changes. Even if the letter hasn’t hit its expiration date, the lender will re-examine your finances before closing. Changes that can derail things include:
- Taking on new debt, such as financing a car, opening a credit card, or buying furniture on a payment plan
- Missing payments on existing debts
- Making large withdrawals from your bank accounts, which raises questions about where the money went
- Changing jobs, even if it’s a promotion or a raise, because lenders want to see income stability
- A drop in your credit score from any of the above or other factors
The pre-approval letter gets you in the door with sellers, but the lender isn’t locked into funding the loan until underwriting is complete. Think of the pre-approval as conditional. The conditions are that nothing significant changes between now and closing day.
How to Renew an Expired Pre-Approval
If your pre-approval expires before you find a home, you can get a new one. The process is essentially the same as the first time around. The lender will pull updated pay stubs, bank statements, and tax documents, and they’ll run another credit check.
That credit check will be a hard inquiry, which can lower your credit score by a few points. The effect is temporary. One important detail: if you apply for multiple mortgage pre-approvals within a 14 to 45 day window (the exact timeframe depends on the credit scoring model), those inquiries are typically bundled and counted as a single inquiry. This rate-shopping protection means you shouldn’t worry about comparing lenders within a concentrated period, but spreading applications across several months will result in separate hits to your score.
If your financial situation hasn’t changed much, renewal is usually straightforward. If something has shifted, like a new job or a change in your debt load, the lender may adjust the amount you’re approved for.
Pre-Approval vs. Rate Lock
A pre-approval and a rate lock are two different things, and their timelines don’t necessarily overlap. Your pre-approval confirms how much a lender is willing to lend you based on your financial profile. A rate lock guarantees a specific interest rate for a set period, typically 30, 45, or 60 days, according to the Consumer Financial Protection Bureau.
You usually don’t lock a rate until you’ve found a home and have an accepted offer. At that point, the lender will present a Loan Estimate that shows whether your rate is locked and for how long. If you lock at 30 days but your closing gets delayed, you may need to pay for a rate lock extension or accept whatever rate is available when you finally close. This is a separate clock from your pre-approval window, so keep both timelines in mind.
Keeping Your Pre-Approval Valid
The simplest way to protect your pre-approval is to keep your finances as stable as possible during your home search. Avoid opening new credit accounts, making large purchases, or moving money around in unusual ways. If you’re expecting a job change, try to time it so you’re not switching employers in the middle of the mortgage process.
If your search is dragging past the 60 or 90 day mark, don’t panic. Renewal is routine. Just be prepared to provide fresh documentation and accept another hard inquiry on your credit report. Many buyers go through one or two renewals before finding the right home, and lenders expect it.