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# How long does pre-approval last? What to do if the search for a home takes longer

September 20, 2023  

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You've been pre-approved! This is already a big step! But remember that the pre-approval letter, of course, has its deadline. So, while mortgage rates are skyrocketing, many buyers want to make an offer before pre-approval expires. Let's figure it out — how long does pre-approval last? 

## Pre-approval — numbers and deadlines

According to Zillow's 2022 data, buyers make an average of 2 offers before purchasing a home. But, of course, this applies only to those houses they like. [According to the National Association of Realtors](<https://www.nar.realtor/sites/default/files/documents/2022-home-buyers-and-sellers-generational-trends-03-23-2022.pdf>), it takes about 8 weeks to find a home. The period is quite long, so the question of how long preliminary approval lasts is relevant. After all, pre-approval demonstrates to the lender your reliability. A typical pre-approval letter has a deadline of 90 days. The terms of the document may also differ from one lender to another. 

## What to do if the search for a home takes longer

No one wants to search for their dream home under pressure or with the fear that their pre-approval will expire. At this point, exhale, and don't worry. After all, you can renew your pre-approval with your lender. 

## How do I renew my mortgage pre-approval?

If you're still looking for a home, take advantage of our mortgage pre-approval window. And prepare some documents. 

### Confirm the validity period of the letter

Your pre-approval letter should have the expiration date listed. The standard period is 90 days or less. If in doubt, check this information with the lender. 

### Contact a mortgage specialist

Your letter also includes information from a mortgage expert. Contact them and announce that you plan to renew your pre-approval. The process will likely take a little time — since the lender already has your documents and information. But don't wait too long. It may take up to 10 business days to receive your new pre-approval. 

### Update documentation

Provide up-to-date information on salary, bank, or brokerage accounts. If there have been changes in your life (for example, divorce), tell the lender about it. Your rating may decrease since revaluation implies a decrease in creditworthiness. Please note that the terms of your pre-approval may change. 

### Consider a different type of mortgage

[Applying for a new pre-approval letter](<https://lbcmortgage.com/blog/where-to-begin-house-checklist-for-buyers/>) opens up the opportunity for you to explore new loan options. For example, you might choose an adjustable-rate mortgage. 

### Consider different real estate options

Even a high credit score buyer may face budget cuts after receiving a new pre-approval letter several months later. For example, the total loan amount may decrease if mortgage rates rise. So, see what you can afford based on the changes. 

### Keep in touch with the lender

Get into the good habit of contacting your lender once every two weeks. Get updated information on rates as well as market changes. 

## How long does pre-approval last? Conclusion

Maintaining a pre-approval is a reliable strategy when looking for housing. So, proceed with peace of mind, stay in touch with your lender, and work with professionals who can help you make a successful purchase in a fluctuating market. [Schedule a consultation with LBC Mortgage](<https://www.lbcmortgage.com/contact-us/>) to learn about pre-approval, financing programs, and any other mortgage-related considerations. 

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**Author:** [Alex Shekhtman CEO & Founder, LBC Mortgage](<https://lbcmortgage.com/team/alex-shekhtman/>)

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