Mortgage Preapproval Basics: How Long It Lasts and When to Apply
A mortgage preapproval, typically lasting 60–90 days, allows you to make competitive offers on homes within your budget, as determined by your lender’s review of your financials. This timeframe varies by lender and personal credit factors, so it’s best to time your preapproval close to when you plan to buy.
Why Preapproval Matters
With preapproval, you demonstrate to sellers and agents that you're a serious buyer with reliable financing. It strengthens your offer in competitive markets and gives a clear budget for your home search.
Timing Your Preapproval
Preapproval is ideal when you're actively house hunting. While you can shop without it, a current preapproval letter enhances your credibility as a buyer.
Preapproval vs. Prequalification
Unlike prequalification—which is based on self-reported financials—preapproval includes a credit check and financial verification, making it a more reliable assessment.
How Long Does Preapproval Last?
Generally valid for 2–3 months, preapproval may need to be renewed if your financial situation changes or if it expires before you find a home.
The Bottom Line
Wait to get preapproved until you’re ready to search actively, ensuring it doesn’t expire mid-search. Ready to buy? Start your application with V Nation Corp today to get preapproved and begin your home-buying journey confidently.
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