If a homebuyer's pre-approval letter expires, the lender can always re-issue another one.
The shelf-life of a mortgage pre-approval letter varies among lenders. Generally speaking, a pre-approval letter is valid up to 90 days. Suppose you have a 90-day letter, and you’ve found no potential homes to buy after around 60 days, ask your lender for a new pre-approval letter. If any circumstances change regarding your financial picture, make sure you inform your lender of these changes and produce updated documentation.
Negative changes to your income, assets, employment or debt situation render a mortgage pre-approval letter invalid, regardless of its issuing date.
Credit reports and employment verifications only have a 90-day shelf life for mortgage applications. For this reason, real estate agents and home sellers may ask you to provide a new letter if the letter you furnish with your sales contract is more than 90 days old.
There is a huge difference between a "pre-approval" and a "pre-qualification."
Read my blog to determine the difference.
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