What happens if my mortgage pre approval expires?

What happens if my mortgage pre approval expires?

What happens if my mortgage pre approval expires?



When you’re in the process of buying a home, getting a mortgage pre-approval is an important step. It gives you an idea of how much you can borrow and helps you make informed decisions about your home search. However, what happens if your mortgage pre-approval expires? In this article, we will explore the implications of an expired pre-approval and what steps you can take to navigate this situation.

Understanding Mortgage Pre-Approval

Before we delve into the consequences of an expired pre-approval, let’s briefly recap what mortgage pre-approval entails. A mortgage pre-approval is a preliminary assessment by a lender to determine how much they are willing to lend you based on your financial situation, credit history, and other relevant factors. It provides you with a conditional commitment from the lender, indicating the maximum loan amount you can obtain.

Expiration of Mortgage Pre-Approval

Mortgage pre-approvals typically have an expiration date. This expiration date is usually valid for a specific period, such as 60 or 90 days. Once the pre-approval expires, it means that the lender’s commitment is no longer valid, and you will need to go through the pre-approval process again if you want to secure a loan.

Implications of an Expired Pre-Approval

Impact on Loan Amount: If your pre-approval expires, it doesn’t necessarily mean that you won’t be able to obtain a mortgage. However, the loan amount you were originally approved for may no longer be available. Lenders regularly review their lending criteria, interest rates, and other factors that may affect the loan amount they are willing to offer. Therefore, it’s essential to re-evaluate your financial situation and consult with your lender to determine the new loan amount you qualify for.

Changes in Interest Rates: Interest rates can fluctuate over time. If your pre-approval expires and you need to reapply for a mortgage, the interest rates may have changed. This can impact the affordability of your loan and potentially affect your monthly mortgage payments. Stay updated on current interest rates and consult with your lender to understand how they may impact your loan terms.

Reassessment of Financial Situation: An expired pre-approval provides an opportunity to reassess your financial situation. Take this time to review your income, expenses, and credit history. If there have been any significant changes, such as a new job, additional debts, or an improved credit score, it’s important to inform your lender. These changes may affect your eligibility for a mortgage or the terms of the loan.

Steps to Take

If your mortgage pre-approval expires, here are some steps you can take:

Contact Your Lender: Reach out to your lender as soon as possible to discuss the expiration of your pre-approval. They can provide guidance on the next steps, including whether you need to reapply for a new pre-approval or if they can extend the existing one.

Reapply for Pre-Approval: If necessary, start the process of reapplying for a mortgage pre-approval. Gather all the required documentation, such as income statements, bank statements, and tax returns, to support your application. Be prepared for potential changes in loan terms and adjust your expectations accordingly.

Stay Informed: Keep yourself updated on current market conditions, interest rates, and lending criteria. This knowledge will help you make informed decisions and adapt your home search accordingly.


An expired mortgage pre-approval does not mean the end of your home buying journey. It does, however, require you to reassess your financial situation, consult with your lender, and potentially reapply for a new pre-approval. By staying informed and proactive, you can navigate this situation and continue your pursuit of homeownership.


– www.bankrate.com
– www.investopedia.com
– www.consumerfinance.gov