What Happens If My Mortgage Pre Approval Expires: Critical Insights




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What Happens If My Mortgage Pre Approval Expires

A mortgage pre-approval is an essential step in the home buying process. It allows you to know how much you can afford and provides assurance to sellers that you are a serious buyer. However, it’s important to keep in mind that a mortgage pre-approval does not last forever. So, what happens if your mortgage pre-approval expires?

Understanding Mortgage Pre-Approval

Before diving into the implications of an expired pre-approval, let’s briefly review what it means to have a mortgage pre-approval. When you apply for a mortgage, lenders assess your financial information, including your credit score, income, and debts, to determine the maximum loan amount you can qualify for. This pre-approval is typically valid for a specific period, usually between 60 and 90 days.

The Impact of an Expired Pre-Approval

When your mortgage pre-approval expires, it means that the lender’s assessment of your financial situation is no longer current. This can have several implications:

  • Altered Financial Circumstances: If your financial situation has changed, such as a decrease in income or an increase in debts, you may no longer qualify for the same loan amount.
  • Interest Rate Changes: Interest rates fluctuate regularly, and a pre-approval typically includes a specific interest rate. If market rates rise significantly, you may have to apply for a new pre-approval with a higher interest rate, affecting your monthly payments.
  • Reassessment of Creditworthiness: Lenders consider your creditworthiness during the pre-approval process. If your credit score has dropped or there are negative changes to your credit report, you may not qualify for the same loan terms.

What To Do If Your Pre-approval Expires

If your mortgage pre-approval expires, don’t panic. It doesn’t mean you can’t get another one or secure a mortgage. Here are some steps to take:

  1. Check Your Finances: Assess your financial situation and calculate your monthly budget to ensure that you can comfortably afford the mortgage payments.
  2. Review Your Credit: Obtain a copy of your credit report and check for any errors or issues that could negatively impact your credit score. Address any discrepancies with the credit reporting agencies.
  3. Gather Updated Documents: Prepare all the necessary financial documents, such as pay stubs, tax returns, and bank statements, to support your new pre-approval application.
  4. Apply for a New Pre-Approval: Contact your lender or shop around for different mortgage lenders to obtain a new pre-approval. Be prepared for potential changes based on your current financial circumstances.
  5. Consider Consulting a Mortgage Broker: If you’re unsure about navigating the pre-approval process on your own or want assistance in finding the best mortgage rates and terms, consider working with a mortgage broker.

Remember, a mortgage pre-approval is not a guarantee of financing but rather an initial assessment of your eligibility. Even if your pre-approval expires, you still have options to secure a mortgage. However, it’s crucial to act promptly to avoid delays or changes in your home buying plans.

Frequently Asked Questions On What Happens If My Mortgage Pre Approval Expires: Critical Insights

How Long Does A Mortgage Pre-approval Last?

A mortgage pre-approval typically lasts for 60 to 90 days, but can vary depending on the lender and their policies.

Can I Still Buy A House If My Mortgage Pre-approval Expires?

Yes, you can still buy a house if your mortgage pre-approval expires. However, you will need to reapply and go through the pre-approval process again.

Will My Credit Score Be Affected If My Mortgage Pre-approval Expires?

No, your credit score will not be directly affected if your mortgage pre-approval expires. However, if you apply for another pre-approval, it may result in a hard inquiry on your credit report which can temporarily lower your score.

What Happens If Interest Rates Change After My Mortgage Pre-approval Expires?

If interest rates change after your mortgage pre-approval expires, it can affect the terms of your loan. You may need to reapply for pre-approval with updated rates.


While having a mortgage pre-approval is a significant step towards purchasing a home, it’s important to be mindful of its expiration date. Understanding the impact of an expired pre-approval and knowing the necessary steps to take can help you navigate the process smoothly.

Be proactive, stay on top of your finances, and reach out to lenders or mortgage brokers for guidance to ensure that you can obtain a new pre-approval when needed. By doing so, you’re more likely to secure the mortgage financing required to make your dream home a reality.

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