After producing a pre-approval letter, the customer will often ask, “How long is my pre-approval good for?” Learn more about how we determine the good-through date of your pre-approval loan.
The good-through date on your pre-approval letter is determined, first of all, by your credit report date. Technically it’s good for 120 days, but we never really want to run it that close to the edge so when we produce a pre approval letter we will typically put the expiration date about 100-110 days from the date that we first accessed your credit.
Another fun fact about credit reports and mortgage lending that most borrowers don’t realize is that even when we are going to use your credit report from 90 days ago or even 30 days ago, right before closing, about 3 days, we are going to refresh that credit report and see if you’ve taken out any new credit cards, any new loans. In fact, what your balances are on the credit report right before closing versus when we approved your loan. The idea here is that we want to make sure you still qualify for the loan based on that recent snapshot of exactly what you borrowed and what those payments are.