How long does a pre-approval last when buying a home?

Asked by Trulia Los Angeles, Los Angeles, CA Thu Mar 28, 2013

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carlos parrague’s answer
carlos parra…, Other Pro, Monrovia, CA
Thu Mar 28, 2013
Approval for what? A loan?
Assuming you have gotten a pre-approval letter, the property appraises at the sale price then the loan may take anywhere from 20 to 60 days for final approval depending on the Lender
0 votes
Joan Patters…, Agent, Rancho Cucamonga, CA
Thu Mar 28, 2013
BEST ANSWER
It is always best to make sure your pre-approval letter is really not more than 60 days old. I always have my buyers get a new pre-approval letter if we have not been able to find a home. Interest rates change and therefore, many buyers cannot afford the same amount with that in mind. You really want it as current as it can be when writing an offer on a property. It does not cost you anything to have it updated with your current lender. It is really easy breezy.

Good luck,

Joan Patterson, B.A., G.R.I., Realtor, License #01431647
Keller Williams Realty
951-204-1864
http://inlandempirerealestate.kwrealty.com
1 vote
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sun Mar 31, 2013
The answer to this question is actually quite simple. The credit report is valid for 90 days and the paystubs and bank statements valid for 1 month. If any other common deadlines are crossed, such as April 15, then tax returns would need to be updated as well.

The pre-approval is a work in progress. So long as that work does not become outdated or invalid by way of some event or deadline, you are good to go.

Your loan agent should be in regular contact with you if you have a pre-approval in process. If not, be sure your file is staying current.

Rob Spinosa
rspinosa@rpm-mtg.com
1 vote
Dorene Slavi…, Agent, Torrance, CA
Tue Apr 2, 2013
It's only valid for 90 days, but I do like to work with one that is two months old or less.
0 votes
Charles Lee, , 90069
Fri Mar 29, 2013
We do 30 days but will renew until you get home under contract.
http://www.theboydcapitalgroups.info/
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Thu Mar 28, 2013
Pre-approval letters can always be updated or renewed by the Lender that gave it to you & they should be able to do so without running your Credit again.

Thanks,
Sara Mehrpouyan
Rodeo Realty
Direct Phone 818-903-2040
Dre License #01712757

http://www.AtHomeWithSara.com
0 votes
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Thu Mar 28, 2013
Pre-approval letter usually have Date and on average it is good for 30-90 days, however it is always best to have up to date pre-approval as persona/financial circumstances of buyer can change ( income/job or credit score may change, loan programs and terms, etc...).

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0 votes
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Thu Mar 28, 2013
Same day for pre-approval and then less then 30 days for closing.

My company has recently rolled out the “Keys on Time Guarantee”. This program guarantees to close the transaction on time, or the borrower gets $795 refunded to them.
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