If you’re thinking about buying a home, getting pre-approved for a mortgage is a smart first step. It gives you a clearer understanding of how much you can afford and shows sellers that you’re a serious buyer. But this step in the home loan process doesn’t last forever—so how long is it actually good for?
Below, we’ll break down what it means to be pre-approved, how long your approval typically lasts, and what to do if it expires before you find the right home.
A mortgage pre-approval is a lender’s written offer to loan you a specific amount of money under certain conditions. It’s based on a thorough review of your finances, including:
Unlike a pre-qualification—which is more of an estimate—this verified financial snapshot helps you shop confidently and strengthens your offer in competitive housing markets.
Most letters are valid for 60 to 90 days, though this can vary slightly depending on the lender. At ALCOVA Mortgage, we typically issue approvals that remain valid for 90 days. This gives you a three-month window to search for a home and make an offer.
Why the time limit? Your financial situation can change quickly—your credit score, job status, or savings could shift—so lenders want to make sure your information is still accurate when you’re ready to buy.
If your letter expires before you find a home, you’ll need to renew or update it. This process is usually quicker than the initial application because most of your information is already on file. However, your lender will likely:
If your finances haven’t changed significantly, your approved amount will likely remain the same. But if your credit score has dropped or you’ve taken on new debt, your loan terms could be affected.
Some lenders may offer an extension if you’re close to finding a home. At ALCOVA Mortgage, we work with buyers to keep the process moving smoothly, including issuing updated letters when needed. It’s best to stay in close contact with your loan officer to avoid any gaps in your buying timeline.
To make the most of your eligibility window:
Being pre-approved is a crucial step when buying a home, but it does have an expiration date—typically around 90 days. If your documentation expires, don’t panic. You can often renew it quickly with updated paperwork. By keeping your finances stable and communicating with your lender, you’ll be ready to act when the right home comes along.
Ready to get started? Contact ALCOVA Mortgage today to move one step closer to homeownership.
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