how long are home loan pre approvals good for

Home loan pre-approvals are a crucial step in the process of purchasing a property. They provide buyers with an estimate of how much money they can borrow and give them an advantage when it comes to negotiating with sellers. However, it is essential for buyers to understand that pre approvals have an expiration date, and it is necessary to act within a certain timeframe to take advantage of the pre approval. In this article, we will discuss how long home loan pre approvals are typically good for and what buyers need to do to ensure they do not miss out on this valuable opportunity.

The Expiration Period of Home Loan Pre Approvals

Home loan pre approvals are generally valid for a specific period, typically around 60 to 90 days. During this time, buyers have the opportunity to find a suitable property, make an offer, and secure financing. The expiration period of a pre approval can vary depending on several factors, including the lender’s policies, the buyer’s financial situation, and the type of loan they are seeking. It is crucial for buyers to understand the expiration date of their pre approval and work diligently to complete the purchase process within this timeframe.

Why Do Home Loan Pre Approvals Have Expiration Dates?

The primary reason behind the expiration dates of home loan pre approvals is the fact that a buyer’s financial situation can change over time. Lenders assess a borrower’s financial status at the time of the pre approval to determine the amount they can lend. However, this assessment is based on the borrower’s current income, credit score, and other financial information, which can change over time. By having an expiration date, lenders ensure that they are making lending decisions based on the most accurate and up-to-date information.

Actions Buyers Can Take Before the Pre Approval Expires

When a buyer receives a home loan pre approval, it is vital for them to take certain actions to ensure they make the most of this opportunity. Here are some steps buyers can take before their pre approval expires:

  • Find a suitable property: Use the pre approval period to search for a property that fits within the approved loan amount. Time spent on research and viewing potential properties can help buyers make an informed decision.
  • Make an offer: Once a suitable property is found, buyers should act quickly to make an offer. Having a pre approval in hand demonstrates to sellers that the buyer is serious and has the financial means to proceed with the transaction.
  • Provide updated documentation: As the pre approval nears its expiration, lenders may require updated financial documentation to ensure that the buyer’s financial situation has not significantly changed. Buyers should be prepared to provide any necessary documents promptly.
  • Monitor credit score: Buyers should keep an eye on their credit score during the pre approval period. Any negative changes to credit could affect the final loan approval. Making all payments on time and avoiding any major credit changes is essential.
  • Stay in touch with the lender: Regular communication with the lender is vital to ensure a smooth pre approval process. Buyers should keep the lender informed of any progress made in the property search and address any concerns or questions promptly.

The Consequences of an Expired Pre Approval

It is crucial for buyers to understand the consequences of letting their home loan pre approval expire. If the pre approval expires, buyers will need to go through the entire application process again, which can be time-consuming and may result in changes to the terms and conditions of the loan. Additionally, sellers may view an expired pre approval as a lack of commitment from the buyer and may be less inclined to negotiate or accept their offer. Therefore, it is vital for buyers to act promptly and efficiently within the pre approval period.


Home loan pre approvals provide buyers with valuable information regarding their borrowing capacity and give them an advantage in the property market. These pre approvals have a specific expiration date, ranging from 60 to 90 days, during which time buyers must take appropriate actions to secure their loan and purchase a property. By understanding the expiration period, taking proactive steps, and staying in touch with the lender, buyers can make the most of their home loan pre approval and increase their chances of a successful purchase.