How Long Does a Mortgage Preapproval Last?

Sammamish Mortgage
Post Date: February 10, 2021Updated: April 29, 2021

Once you’ve gone through a home loan preapproval process and received your preapproval letter, you can start looking for your dream home. However, sometimes the hunt can take longer than you expect, especially in a seller’s market.

How Long Is Your Preapproval Good For?

Preapprovals are generally valid for as long as the borrower’s circumstances remain the same and lending guidelines remain the same. However, you’ll need to regularly update certain documentation to keep it current.

Paystubs and bank statements will need to be updated with the most current ones every 30 days. These are typically easy to update. You’ll simply scan copies of your new pay stubs and bank statement, and upload the new documents to the online portal. Unless you lose your job or your bank account is suddenly empty for some reason, there’s no reason your preapproval should be cancelled.

Credit pulls are typically good for 90 to 120 days before you need to have it repulled. Your loan officer (LO) won’t want to pull it repeatedly and risk damaging your credit or lowering your credit score. If the search for a home is stretching out, you can typically discuss this with your LO.

If you plan to keep looking, you may arrange to have the report pulled when you find a house you are ready to make an offer on, before the underwriting process begins. If you decide to look for a home in a different buying season, a report can be pulled again at that time and generally it will have been long enough that your credit won’t suffer any adverse effects.

Today’s Mortgage Rates Jun, 15, Tue, 2021

Sammamish Mortgage Loan Officers Are Standing By to Preapprove Your Mortgage

Are you ready to get preapproved for a mortgage? Don’t be intimidated by the steps required. We can help make the process as easy and stress-free as possible. Get preapproved today!

Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.

Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.

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