when does a pre-aproval letter expire?

Asked by Ana Eugenia Valdillez, Grizzly Flats, CA Fri Aug 16, 2013

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Steven Ornel…, Agent, Fremont, CA
Sat Aug 17, 2013
Hi Ana,

The truth is a Pre-Approval is only valid is as long as all the variables that went into the Pre-Approval remain the same or improve (i.e., income, debt, credit score, interest rate, underwriting requirements, etc.) -- not a fixed number of days. Your credit report is only good for 60-90 days, which can vary by lender.

In any case, be cautious with your spending so if and when your credit is pulled again it does not go down! Talk to your Mortgage Broker/Banker before paying off any accounts or initiating any new debt.


Also, keep in mind a Pre-Approval is NOT a firm commitment to lend; it is always “subject to” the appraisal, clear title, and any documentation conditions the lender needs satisfied.


I would highly suggest you take a step backwards and make sure you have a "True Pre-Approval" if you believe wasting money is a bad idea and having a strategic advantage over other buyers is a good one.

See:
http://www.Steven-Anthony.com/GettingStarted and
"Retail Banks vs. Mortgage Broker/Bankers" http://tinyurl.com/6qln6nd

Reach out if you would like a more detailed explanation.

-Steve
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Cindy Davis, Agent, San Diego, CA
Sat Aug 17, 2013
These are typically good for 60-90 days. If yours is older than that, you may want to get an updated letter. Good luck.,
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