How Long Does A Preapproval For A Mortgage Last (And Why)?

Exact Answer: 60 To 90 Days

A mortgage is a loan that a bank or a lender provides after looking at the financial aspect of the loan seeker. Before the mortgage gets sanctioned, the loan seeker can opt for a mortgage preapproval. Preapproval of mortgage means that the lender has given a tentative commitment to provide the loan.

A lender will run a check on the loan seekers financial records to understand the person’s financial standing. Once the check is done, a preapproval letter is provided to the loan seeker with an estimated amount that the person can avail of a loan for.

However, once the letter is issued it has a validity that expires after a certain period.


How Long Does A Preapproval For A Mortgage Last?

Preapproval gets confused with Prequalification, but there is a difference. Prequalifying is the process through which it is made sure that the person is eligible or not. On the other hand, pre-approval is when there is a surety that the person will get the mortgage.

Prequalification does not mean that the person will get the loan, but preapproval does. However, there can be changes in the amount that is mentioned in the preapproval letter and the amount that is sanctioned as a loan. It is recommended that the loan should be taken before the pre-approval letter expires.

The period for which the pre-approval is issued is for about 60 to 90 days. It is great to have a preapproval letter for a mortgage if a person is looking to buy a house or a property. Having a surety in the form of preapproval for a mortgage helps in putting an offer forward.

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The time for which the preapproval letter will be valid can depend on different aspects like the lending authority, the amount for which the loan is being asked for, and much more.

Calculation of periodThe time for which the pre-approval for a mortgage will last
Minimum time60 days
Maximum time90 days

Why Does A Preapproval For A Mortgage Last That Long?

Preapproval for a mortgage sanctioning is a process that takes a lot of time. It is not easy to attain one as it involves a lot of scrutinies. The scrutiny is necessary if a loan being is given to a person, hence it becomes imminent to know the credibility of that person.

Without knowing the credibility of the applicant, there are chances that there might be a loss. Since a lot of time and effort is put into the scrutiny and the sanctioning of the preapproval, the validity is kept for a maximum of 90 days so that the applicant can use it carefully.

Also, a preapproval letter is sanctioned after the most recent financial documents are checked and approved. This is done to certify the current financial standing of the applicant. However, financial standing can change at any time.

Hence, the period of 60 to 90 days is kept so that the lender does not face any losses if there is a major change in the financial standing of the person. If the period of the preapproval was a year, chances were that the person would not necessarily be creditworthy by the end of the year.

Another aspect that determines the time for which the preapproval is valid is the lender. The lender could be a bank or a mortgage-providing financial institution. Every institution has different terms and conditions under which they will issue a preapproval for a mortgage.

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Some institutions put 60 days as a validity of the preapproval letter for the mortgage, while some may keep 90 days.


For the buyer or loan seeker, it is important to get pre-approval before looking out for different options. Having a preapproval can help them land good offers as the letter proves that the buyer can arrange for the money.

As the period of validity for the preapproval for a mortgage is 60 to 90 days, it is necessary to look for options before the preapproval expires.

Having a preapproval letter for a mortgage can also help the applicant to understand the budget that they can extend. In case the approved amount is lesser, it will help the applicant to know if they should arrange more as per their requirement.



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Hi! I'm Nidhi.

Here at the EHL, it's all about delicious, easy recipes for casual entertaining. So come and join me at the beach, relax and enjoy the food.

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