Today I wanted to talk about how long a mortgage pre-approval lasts. The way the market has been, I know people have been frustrated with our low inventory. However, that should increase soon and reduce the congestion in the market for buyers, making it easier to buy a home.

If you’re ready to buy a home, a pre-approval is a must. Here’s how it works: When you talk with a lender, they will ask you questions and record your financial documents to determine if you can afford a home and how much of a home you can afford. Once you get a pre-approval letter, it will tell you that you are approved for a certain amount. You don’t have to use all of that amount, though, if you don’t want to or if you are uncomfortable with the monthly payment.

Now that you know what a mortgage pre-approval is, how long does one last? The way the market has been, I know people have been frustrated with our low inventory. However, that should increase soon and reduce the congestion in the market for buyers, making it easier to buy a home. Usually, a pre-approval lasts for about three months. Things can change in a lot of ways in a short period of time. From losing a job to getting a new job or buying a car, all of that can affect your credit score and your pre-approval.

“Usually, a pre-approval lasts for about three months.”

If you got a pre-approval last year and didn’t end up buying a home but are ready to now, it’s a great time to get pre-approved once more.

If you have any questions about pre-approval or need recommendations for any local lenders to help you out, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.