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Mortgage pre-approval running out sooner than you think?
Just saw this article today about how mortgage pre-approvals don't last as long as most people assume. Apparently, with interest rates bouncing around lately, lenders are tightening up their timelines and some folks are getting caught off guard. I always thought you had a solid 90 days or something, but the piece mentioned some lenders shortening it to 45 or 60 days now. Um, that's kind of stressful if you're house hunting in a competitive market and haven't found the right place yet.
My cousin went through something similar recently - she thought she had plenty of time, then suddenly found herself scrambling to renew her approval because it was about to expire. She ended up having to redo paperwork and everything...total headache.
Wondering if this is becoming more common or if it's just certain lenders being extra cautious? Curious if anyone else has run into this lately or seen similar stories.
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2 replies
"Apparently, with interest rates bouncing around lately, lenders are tightening up their timelines..."
Honestly, lenders have always had flexibility here. Instead of stressing about shorter pre-approvals, just regularly update your docs every 30 days or so - keeps you ready without the last-minute scramble.
Updating documents every 30 days could help, but I wouldn’t assume that keeps the approval active. I’d ask the lender to confirm in writing how long it’s valid, whether that’s 45, 60, or 90 days, and what triggers a reassessment or renewal. A rate change, new debt, income change, or even an expired credit check might be treated differently, so knowing the exact rules would prevent a nasty surprise.