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How Long Is a Preapproval for a Mortgage Good For?

Mortgage preapproval is a time-sensitive document and is typically good for 30 to 90 days.

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A typical mortgage preapproval letter is valid for up to 90 days, though that can vary by lender. The letter from your lender tentatively estimates how much it is willing to lend you, and on what terms. This can give you a more realistic budget for your home search.
A mortgage loan preapproval letter also demonstrates to home sellers that you can likely secure financing to back up your offer, indicating that you’re a serious buyer.

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What is mortgage preapproval?

Mortgage preapproval is a nonbinding evaluation from a lender that indicates how much you may be able to borrow based on your credit history and finances. Unlike mortgage approval, which happens after you select a home, you should apply for a preapproval before you even begin shopping for homes.
Getting a preapproval for a mortgage differs from getting prequalified. You may receive mortgage prequalification from a lender within minutes after applying with self-reported information about your financial profile, whereas receiving preapproval hinges on a more rigorous and thorough verification of your income, assets and credit score, among other factors.
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» MORE: Best lenders for easy preapproval

How to get preapproved for a mortgage

  • Check your credit score for free. Every mortgage type has minimum credit requirements (and these vary by lender), but you can typically qualify with a score of 620 or higher. You’ll also want to review your credit report; if anything looks incorrect, you can dispute it and restore your credit score.
  • Calculate your debt-to-income ratio. This percentage represents how much of your monthly pre-tax income is going to existing debts, like car payments or child support. This figure gives lenders a clear picture of how much money you’d have to devote to a mortgage payment each month. You’ll qualify with most lenders (and likely get the best rate offers) if this calculation is at or below 36%, but some lenders will approve a higher debt level.  
  • Gather your documentation. This includes personal information like your Social Security number and government ID, as well as bank and investment account statements, W-2s and tax returns, and pay stubs or other proof of income. You’ll also need to document any part of your down payment that comes from a gift.
  • Apply with multiple lenders. All mortgage preapproval applications submitted within the same window of time count as a single credit inquiry, and comparing options during the preapproval stage will help you narrow your choices when it’s time to apply for the mortgage. You can start your search with NerdWallet’s list of the best mortgage lenders. 
» MORE: How to get preapproved for a mortgage

How to renew your mortgage preapproval

Keep your financial documents handy and contact your lender before your mortgage preapproval window closes.

Confirm the letter’s expiration date

Your preapproval letter should either spell out the expiration date or list how many days the letter is valid (most likely 90 days or fewer). If you have any doubt about your mortgage preapproval expiration date or validity period, call or email your point of contact at the lender to confirm the date.

Contact your mortgage loan officer

Reach out to the mortgage loan officer listed on your letter and explain that you want to renew your preapproval. It can take up to 10 business days to receive a preapproval letter, so plan ahead. This way, you won’t experience a gap where you’re actively home shopping but haven’t been preapproved. This will also help ensure that the rate and total loan amount estimates you’re working with are timely and realistic.

Update your documentation

You’ll likely have to provide updated financial documents for lenders, so be prepared to collect your most current:
  • Pay stubs or W-2s 
  • Bank statements
  • Retirement and brokerage account statements
  • Credit and debt information
  • Monthly expenses
  • Driver’s license, passport or state-issued photo ID
If you’ve experienced a major life event that will affect your borrower profile, like a divorce, be sure to update your lender.
Expect your credit score to take a temporary dip when reapplying for preapproval, since this reassessment involves a hard credit pull.
Think of the process as a “refresh” instead of an “extension,” since the amount and terms of your preapproval will likely change with your new letter.
NerdWallet writer Robin Rothstein contributed to this story.
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