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.
Can pre approval be extended?
The expiration of a preapproval letter varies by lender. Some lenders allow mortgage preapproval letters to remain effective for 120 or more, while some lenders may guarantee mortgage preapprovals for 30, 60 or 90 days.
What happens after pre approval?
After you’re pre-qualified, your next step is to get pre-approved. This is an in-depth process. You’ll need to submit paperwork about your income, assets, employment history and residency status to a lender. Getting pre-approved is almost like applying for a real loan, but it happens before you select a home.