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How long is mortgage preapproval good for?

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Preapproval is a crucial step in the mortgage process. Not only does it help you gauge how much you can potentially borrow — and what price range you should be shopping in — but it gives home sellers more confidence in your offers. And if you find yourself in a bidding war? That preapproval letter can be a big help.

But mortgage preapprovals don’t last forever. Just how much time do you have to find a home before yours expires?

Learn more: What documents do I need for mortgage loan preapproval?

In this article:

How long does a mortgage preapproval last?

Preapprovals have an expiration date. After all, a lender can’t commit to a borrower indefinitely — especially since their financial circumstances, credit score, and income can change quickly. To ensure they’re making sound lending decisions, they must put limits on preapproval letters and encourage borrowers to buy a home within a tight timeframe.

The exact length of a mortgage preapproval depends on the lender you use. Generally speaking, though, a preapproval typically lasts 30 to 90 days, or one to three months. A few mortgage lenders even offer 120-day preapprovals.

Ideally, this would be enough time to find a home, make an offer, and start moving toward the closing table. But if it’s not, you have options.

What to do if your preapproval expires

Reapply for preapproval

If you don’t find a home or aren’t ready to buy by the time your preapproval expires, you can always reapply. This would require updated financial details and potentially another credit check so the lender can verify you have the resources to cover the estimated monthly mortgage payment.

You could reapply with the same lender or shop around and apply with other mortgage companies. Keep in mind that the amount you’re preapproved to borrow could change when you reapply, depending on your lender and whether your financial situation has changed.

Read more: The best mortgage lenders for first-time home buyers

Extend your preapproval time

Depending on your situation, your mortgage lender may approve an extension of your preapproval. If this is an option, you likely won’t need to submit a credit check again or provide updated financial details.

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When should you get a mortgage preapproval?

Because mortgage preapprovals expire, it’s essential to time yours right. If you don’t think you’ll be ready to buy a house within your lender’s preapproval timeframe, wait until you’re closer to purchasing to apply. This will save you from having to reapply later on and ensure you’re shopping for a home with the most up-to-date budget possible.

If you’re not quite ready to start house hunting but are still curious about your potential loan terms, try applying for prequalification. With mortgage prequalification, the lender gives you a more general idea of how much it might lend you and what your interest rate could be, and the company doesn’t do a hard credit pull that would affect your credit score.

Dig deeper: How long does it take to buy a house?

How long preapproval takes

This is another outcome that depends on your lender, but in most cases, you can get preapproved for a home loan within a few business days. Online lenders are typically the fastest at preapprovals, as they have automated systems to speed things up. Better Mortgage, for example, advertises that you can get preapproved in as little as three minutes.

Read Yahoo Finance’s review of Better Mortgage

How long is a mortgage preapproval good for? FAQs

Do mortgage preapprovals expire?

Yes, mortgage preapprovals typically expire after 30 to 90 (and sometimes even 120) days from the date they’re issued, though the exact timeframe varies by lender. Once a preapproval expires, the lender usually needs updated financial information and a new credit report check to issue an accurate preapproval amount.

Does getting mortgage preapproval hurt your credit?

Preapproval usually dings your credit score for about a year because the mortgage lender uses a hard credit inquiry to check your creditworthiness (though according to FICO, a preapproval should reduce a credit score by less than five points for most consumers).

Can you extend a preapproval?

Some lenders may let you extend your preapproval if you’re unable to purchase a home before your mortgage preapproval letter expires. In most cases, though, you will need to reapply with updated financial information. This may also change your preapproval amount.

How many times can you get preapproved for a mortgage?

You can get preapproved as many times as you like, but remember: Many lenders will perform a hard inquiry on your credit report when reviewing your application. This could hurt your credit score, especially if you do it several times over an extended period.

Should I get preapproved by multiple lenders?

Getting preapproved with multiple lenders is a great way to compare loan options and ensure you get the best fit for your needs and budget. Just make sure you apply for the preapprovals within the same 30-day time frame. This will ensure any hard credit checks only count against your credit score once.

This article was edited by Laura Grace Tarpley.