What Happens If My Mortgage Preapproval Expires?

Mortgage preapprovals have an expiration date. Here's what to expect when yours runs out—and how to stay prepared throughout the homebuying journey.

Transcript

00:00What happens if my mortgage pre-approval expires?

00:04If your mortgage pre-approval expires, don't panic, it happens more often than you think.

00:10Pre-approvals typically last 60 to 90 days, depending on your lender and credit report validity.

00:17When they expire, it doesn't mean you're out of options.

00:20You'll just need to reapply.

00:22That means updating your financial documents like pay stubs, bank statements,

00:26and tax returns so the lender can reassess your current financial situation.

00:32Remember, your new terms may look different,

00:35especially if interest rates have changed or your financial profile has shifted.

00:40To stay ahead, act quickly.

00:42Time matters in a competitive housing market.

00:45Keep your credit score strong, avoid big financial changes,

00:49and communicate regularly with your lender.

00:52You might even find better offers by shopping around again.

00:55The key takeaway?

00:57Mortgage pre-approval is a valuable tool, but it's temporary.

01:01Stay proactive, stay organized, and you'll keep your home buying journey on track.

01:07Visit www.lengo.com for more home buying tips.