When it comes to buying a home, obtaining a mortgage pre-approval is an essential step in the process. A mortgage pre-approval provides you with a clear idea of your budget, helps you narrow down your home search, and makes you a serious contender in the eyes of sellers.
However, it’s important to understand how long a pre-approval for a mortgage lasts and the factors that can affect its validity. In this Redfin article, we will delve into the details of mortgage pre-approvals, their typical duration, and some key considerations.
What is a mortgage pre-approval?
A mortgage pre-approval is a lender’s valuation of your financial situation to determine the amount they are willing to lend you for a home purchase. Unlike a prequalification, which is a preliminary assessment, a pre-approval involves a comprehensive review of your income, credit history, assets, and debts. By obtaining a pre-approval, you show sellers that you are a serious buyer, and it carries more weight in the home buying process.
Pro tip: “Determining your affordability is a crucial step before starting your home search. A loan officer can offer comprehensive guidance in advance, ensuring you make informed decisions at every stage of the home buying process.” – Vision Home Mortgage
How long does a mortgage pre-approval last?
On average, a mortgage pre-approval typically lasts for about 60 to 90 days. This timeframe can vary depending on several factors, including the policies of the lender and your specific financial circumstances.
For more information on how long a pre-approval last visit the Scoop Blog
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