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How Long Does Your Mortgage Pre-Approval Actually Last?
Just went through the whole pre-approval thing for a mortgage, felt pretty good at first, but now I'm realizing it doesn't last forever - like, mine's valid for only 90 days. Um, is that normal or did I get shortchanged here?
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Yeah, 90 days is pretty standard, honestly. I've seen some lenders offer around 60-120 days, but 90 seems to be the sweet spot most of the time. It makes sense when you think about it - your financial situation can change quite a bit in just a few months, and lenders want to make sure they're still good to go before finalizing everything.
When I bought my first place, I remember being super relieved after getting pre-approved... then panicking a bit when I realized the clock was ticking. Ended up finding something just in time, but even if your pre-approval expires, it's usually not a huge deal. You might have to re-submit updated documents or have them pull your credit again (which can be mildly annoying), but it's rarely starting from scratch.
So yeah, you're good - no shortchanging happening here. Just keep an eye on the calendar and try not to stress too much about it.