Get the letter right before you make the offer
The letter has a clock: expiry and renewal
Desk answer
Each lender sets how long its preapproval lasts and prints the expiry on the letter. It expires because the credit report and pay stubs behind it go stale. Renewing usually means sending updated pay stubs and statements; the lender may pull credit again. Track the date in the readiness checker so it never lapses mid-offer.
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Why letters expire
Credit reports, pay stubs and bank statements are snapshots. Once they are old enough the lender needs fresh copies to confirm nothing has changed.
Renewing without starting over
- Ask the lender a week or two before the expiry what they need.
- Send new pay stubs and statements.
- Confirm whether a new credit pull is required.
How long the full process takes
From preapproval to closing, timelines depend on finding a home, the appraisal, and underwriting. Use the letter's expiry as the first deadline to watch.
Questions buyers bring to the desk
How long does a mortgage preapproval last?
The lender sets the length and prints the expiry date on the letter. After it expires you usually send updated documents to renew it.
Which stages does a mortgage go through?
Commonly: preapproval, application and Loan Estimate, processing, underwriting with conditions, and clear to close followed by closing.