about three months
What happens after you get preapproved for a mortgage?
After the borrower enters into a purchase agreement with a seller, the lender will open the loan file and order the property appraisal, an inspection of the property and review of market activity to determine if it serves as sufficient collateral for the loan.
When you get preapproved for a mortgage how long is it good for?
But since mortgage rates change daily, even hourly, lenders often make the preapproval letter valid for a given period of time, sometimes up to 90 days. “In my experience, says Keith Gumbinger, vice president of HSH.com, “preapproval letters are usually valid between 45 and 60 days.”
What if pre approval expires?
A pre-approval letter expires because a bank needs to be up-to-date with your financial information. This includes your salary, assets, and debts. Keep in mind that even if you are pre-approved, it is likely that lenders will still want an updated set of pay stubs and bank statements around the time of closing.
Do pre approvals hurt your credit score?
Inquiries for pre-approved offers do not affect your credit score unless you actually follow through and apply. A pre-approval basically means that the lender thinks you have a good chance of being approved based on the information in your credit report, but it is not a guarantee.