Does a pre approval letter expire?

Asked by monica0312, Milwaukee, WI Wed May 16, 2012

I have a pre approval letter since April 26th.

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Dan Tabit’s answer
Dan Tabit, Agent, Issaquah, WA
Wed May 16, 2012
Monica,
Kerryann is correct; most are good for 90 days. Some things to remember while you are shopping, don't do anything to jeopardize the pre-approval. Pay your bills on time; don't make any major purchases on credit without telling your lender first. I had a client purchase a car once and it almost blew the deal up.
When you finally find a house and make an offer you will need to update your loan file with fresh pay stubs, bank statement and any other documentation your lender requests. Keep track of these things so you can have them available.
1 vote
Donna & Dick…, , 53072
Sun May 20, 2012
Yes it does. However, there are certain criteria that must be met and if not met it will be terminated.

DONNA BELL
BROKER
REALTY RESULTS, INC
SERVICING METRO. MILWAUKEE AREA COUNTIES

262.695.5744

PS: This letter should be acceptable since it is not a month old. A n d sellers will not even look at an offer until they see this letter.

This is not an absolute guarantee that you will qualify for the loan that you will eventually seek.
0 votes
Nina Kraus, Agent, Glendale, WI
Thu May 17, 2012
Usually after 90 days. It should say on the letter the date of expiration.
0 votes
Steve Quinta…, Agent, Albuquerque, NM
Thu May 17, 2012
Your pre approval letter probably has an expiration date set forth in the body of the letter. Doe it?
0 votes
Darrell D. D…, Agent, Schertz, TX
Thu May 17, 2012
Both Kerryann and Dan are correct. But, just to add a few more points - your pre-approval should state how long it's good for. I have had a client who only had a 30 day pre-approval even though most are 60-90 days. As Dan stated, make no major purchases or large cash advances while home shopping as this changes debt ratios and can cause problems when you go to write your contract. If you keep things relatively stable credit wise, most lenders will extend your pre-approval another 60-90 days if you need more home shopping time.

Good luck!
0 votes
KerryAnn Dou…, Agent, Hales Corners, WI
Wed May 16, 2012
They typically expire in 60-90 days.
0 votes
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