How Long Does a Mortgage Preapproval Last?

What is a mortgage preapproval letter?

A mortgage preapproval letter is a document from a lender that indicates how much money it is willing to lend you to buy a home, based on a preliminary review of your credit and financial information.

This document typically includes the preapproved loan amount, the loan type and the terms. It tells your real estate agent and a seller that you are a serious buyer who is qualified to purchase the property.

However, it is not a final guarantee of a loan. To successfully receive a loan, you will need to undergo a stringent underwriting process, and the property will need to be inspected and appraised.

When should I get a mortgage preapproval letter?

Ideally, you want to get a mortgage preapproval letter when you are serious about shopping for homes.

"The best time to get a preapproval was the day you knew you wanted to buy a home. The second-best is right now,” said Dan Green, CEO of Homebuyer.com. “Preapprovals are dress rehearsals for your eventual home purchase. If something goes wrong, you need to know about it."

Before getting a preapproval letter, you want to allow yourself time to have your finances and creditworthiness in the best shape possible. This may include paying down debts, improving your credit score or saving for a larger down payment. These factors can significantly affect your preapproval amount, interest rate and purchasing power.

Obtaining a preapproval letter too soon might result in it expiring before you find the right home.

How long does the preapproval process take?

The mortgage preapproval process typically takes anywhere from a few hours to a few days, depending on the lender and how quickly you can provide documents.

Online lenders and fintech platforms often automate income and credit checks, allowing them to issue same-day preapprovals. Traditional banks and credit unions may take longer, especially if they manually review your paperwork or need additional verification.

Here’s what the timeline usually looks like:

• Application submission (10 to 20 minutes): You’ll provide basic financial details, consent for a credit check and upload documents.
• Credit and document review (a few hours to two days): Lenders verify your income, employment, assets and credit. Automated systems can finish this step faster.
• Preapproval decision (same day to three days): Once your information is reviewed, the lender issues a preapproval letter with your estimated loan amount.

» MORE: How to get preapproved for a mortgage

When does a mortgage preapproval expire?

A mortgage preapproval typically lasts between 60 and 90 days. The exact length will depend on the lender and its specific policies — some lenders might limit the approval period to 30 days.

This time frame ensures that your financial situation and the housing market conditions don't change dramatically from the time you get preapproved until you find a home to purchase.

Preapproval duration by loan type

How long your preapproval stays valid can sometimes depend on the kind of loan you’re applying for. Here’s a rough breakdown:

• Conventional loans: Typically 60 to 90 days; this is the most common scenario
• FHA loan: Often 30 to 90 days, depending on lender discretion and whether additional documentation (like for borrowers with variable income) is required
• VA loan: Usually 60 to 90 days
• USDA loan: Validity can vary; many lenders give about 60 days in guaranteed loan cases, but this depends heavily on program specifics.

» MORE: Mortgage pre-qualification vs. preapproval

What can cause a preapproval to expire early or be revoked?

Even though most mortgage preapprovals last 60 to 90 days, lenders can shorten that window or revoke the letter entirely if your financial picture changes. Preapproval isn’t a guarantee; rather, it’s based on the assumption that your income, credit, assets and debts remain stable until you close on a home. Any shift in those areas may trigger a new review.

Notify your lender immediately of any life changes. Early communication can prevent delays or a revoked letter.

Here are some common reasons a preapproval can expire early or be withdrawn:

• Changing jobs or income levels: Switching employers, moving to a commission-based role or experiencing reduced hours can disrupt income stability.
• Taking on new debt: Financing a car, opening a new credit card or accumulating credit card balances can raise your debt-to-income ratio.
• Dropping credit scores: Late payments, high balances or new credit inquiries can cause score changes that affect loan eligibility.
• Large, unexplained bank deposits: Lenders may question whether the funds are seasoned or allowable under underwriting rules.
• Insufficient or outdated documentation: If pay stubs, bank statements or tax returns become outdated, lenders may require a new verification cycle.
• Changes in loan program rules: Updates to FHA, VA, USDA or conventional guidelines can require lenders to reevaluate your file.
• Issues with the property: If the home doesn’t meet appraisal or condition requirements, your preapproval may no longer apply.

What happens when a mortgage preapproval letter expires?

If your mortgage preapproval expires before you've found a home, you'll need to connect with your mortgage lender again. Many times, if your financial situation and the housing market haven’t changed significantly, the lender might simply update your financial information and reissue the preapproval.

However, if your financial situation has changed drastically, like if you’ve changed jobs or lost your job, or you’ve taken out a new loan and your credit has taken a hit — you may need to go through the whole preapproval process again.

In these cases, the lender will reassess your borrowing capacity based on your updated financial circumstances. This can change your estimated rate and even the total loan amount you're preapproved for.