Getting a pre-approval letter is an essential part of purchasing a home or other piece of property. This document proves that a lender has gone through your financial records and is willing to lend you the money to purchase a property.

mortgage preapprovalHow Long Does A Pre-Approval Letter Last?

A pre-approval letter can be valid for an upward of 120 days, with others lasting 30-90 days. When you receive your pre-approval letter, check the expiration date.

Why Do Pre-Approval Letters Expire?

If the bank has approved you for a loan, why would it expire?

The reason these letters expire is that the bank needs the most up to date information about you, including your salary, assets, and debts. If you had experienced a financial emergency by the time your pre-approval letter expired, your lender would need to know about it.

Reapply For Pre-Approval

If your home search extends after your pre-approval letter’s expiration, all you have to do is reapply with your lender. Remember to go to the same lender that approved you last time; they will reverify your finances through your latest pay stubs and bank statements.

If nothing significant has changed financially for you, such as a medical emergency, then there should be no problem getting your pre-approval reverified.

Start Your Search For The Perfect Home Today

Contact Eric Merchant At 314.541.1218