Biscotto Team

Bringing Dreams to Reality

  • Home
  • About
    • About Us
    • Disclosures
  • Our Team
  • Resources
    • First Time Buyer Tips
    • First Time Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Programs
    • Loan Process
    • Mortgage FAQ
    • Mortgage Glossary
  • Calculator
  • Blog
  • Contact Us

A Mortgage Pre-Approval Letter: How Long Does It Last?

September 30, 2021 by Biscotto Team

A Mortgage Pre-Approval Letter: How Long Does It Last?Buyers need to make sure they are competitive when they make an offer on a house. One of the ways to do that is to get a pre-approval letter. What does this mean, and how long does it last?

What Is Mortgage Pre-Approval?

Prior to working with a real estate agent to find the perfect house, it is important to get a pre-approval letter from a lender. Some agents might even ask a buyer to do this before they start looking. The lender will take a look at someone’s income and run their credit to see how large of a loan someone can qualify for. Getting a pre-approval letter is important because it gives someone a budget with which to work. It also gives the buyer more credibility with the seller if they make an offer on the house. That way, the seller does not have to worry about the deal falling through if the buyer cannot get financing.

How Long Will A Pre-Approval Letter Last?

In a competitive market, a buyer might not be able to find a house right away. Therefore, it is critical to be knowledgeable of the timeframe of the pre-approval letter. In most situations, a pre-approval letter will last for 90 days; however, all buyers need to read the fine print to see how long the letter will last. Some of them only last for 30 days. If the letter has expired, it is relatively easy to reach out to the lender and get a new one. If nothing has changed in the buyer’s financial situation, then getting a new pre-approval letter should not be an issue.

Are Pre-Approval And Pre-Qualification The Same Thing?

These are not the same things. A pre-qualification check is less stringent than a pre-approval letter. Getting pre-qualified simply means that the buyer has exchanged verbal information with a lender, so this is not as strong. Buyers need to make sure they obtain a pre-approval letter for financing to present themselves as competitive in a challenging market. A pre-qualification check does not require a credit check and income verification. Even though the process takes longer, it is always better for a buyer to get pre-approved instead.

Biscotto Team

Filed Under: Mortgage Tagged With: Competitive market, Mortgage, Pre-Approval

The Biscotto team logo
Vinny Biscotto

WANT TO BUY A HOME?

NOT SURE WHERE TO START?
Talk to Vinny!

Vinny Biscotto is your dedicated mortgage loan originator.

Vinny Biscotto


CALL (817) 714-5090

NMLS #1577299

APPLY WITH VINNY  
GET A RATE QUOTE  

Connect with Me

How can I help?

  • This field is for validation purposes and should be left unchanged.

Browse articles by category

Archives

Quick Links

  • Accessibility Statement
  • Privacy Policy
  • Disclosures
  • Blog
  • Contact Us
Equal Housing Lenderv NMLS ID 806183
NMLS Consumer Access
equal housing lender

Our Location

1240 Southridge Court #104
Hurst, Texas

Copyright © 2023 · Powered by MySMARTblog

Copyright © 2023 · Genesis Sample Theme on Genesis Framework · WordPress · Log in