How Long Will Your Mortgage Preapproval Letter Last?

If you’re like most people who are buying a home for sale in Lakewood or Long Beach, you already know that you need a preapproval letter from your lender that says you’re qualified to borrow money to buy a house. You might even have a preapproval letter in your hand, which means you’re definitely ready to start house-hunting.

But how long is that preapproval good for?

Here’s what you need to know.

How Long Will Your Mortgage Preapproval Letter Last?

For the most part, your lender will let you know how long your preapproval letter is good for. You can expect to keep using it for about three months - but sometimes you can stretch that out to six. The main reason is that a lot can happen to your financial situation in three months; you might lose your job, get a raise, or do something else that will affect the amount of money you qualify to borrow to buy a house.

Why Does it Matter?

Your preapproval letter tells sellers that you’re going to qualify for financing if they accept your offer on their home, so it’s a pretty important docuement. Most sellers won’t even think about accepting offers that don’t come with proof of preapproval, because accepting an offer means taking the house off the market - and then it’s not available to any other buyers.

Are You Selling a Home in Lakewood or Long Beach?

If you’re selling a home in Lakewood or Long Beach, we can help. Call us at 562-882-1581 to find out how we’ll market your house to all the right buyers so you can sell it quickly and at the right price.