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How Long Is A Pre Approval Letter Good For

Once you provide all the required documentation and get the mortgage pre-approval letter from a bank or lender, it is typically valid for 60-90 days. Just note that a lot of things can change during that time, such as your credit score, so it’s not 100% guaranteed. Again, a pre-approval is not a guarantee that you will be approved for a mortgage.

How long does it take to get a pre-approval letter? Expect a turn time of 24 hours or less if the requested documentation is organized and provided up front. For example, if you were to provide a loan officer all the needed information in the morning, you could potentially have an answer that afternoon.

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. transcript: The good-through date on your pre-approval letter is determined, first of all, by your credit report date.

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A pre-approval letter for a loan is usually good for 60 to 90 days. This is a letter stating you have undergone the entire underwriting process and meet the guidelines for the loan.

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A pre-approval letter is a downloadable document from Better stating an exact loan amount you can borrow, assuming certain conditions are met later such as a satisfactory financial review, title report, and appraisal. You can give this letter to your agent and potential sellers to show that you’re serious about buying a home.

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But since mortgage rates change daily, even hourly, lenders often make the preapproval letter valid for a given period of time, sometimes up to 90 days. "In my experience, says Keith Gumbinger, vice president of HSH.com, "preapproval letters are usually valid between 45 and 60 days."

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