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When you get pre-approval from a lender, how long is this usually valid for?

6 years ago
Comments

Hi Bill
Usually its valid for 90 days and can be renewed for another 90 days if you still couldn't find suitable property.
Hope that helps
Thank you

Responses

Hi Bill. 3 months is the norm. However, if your financial situation changes you need to check with your broker or lender about it as it may make a difference one way or another.

I often get asked that question Bill. The maximum is 6 months, however most responsible lenders and brokers will confirm your situation/income/expenses before proceeding with a loan.
Consistency is the key here. Same job, address, income, expenses, personal situation.
No one wants to put a borrower in a position of financial hardship, and it would be crazy to put yourself in such a position.
We all have enough stresses in our lives without taking on additional and unnecessary financial stress.
I'm sure you understand what I am driving at.
Good luck.

Hi Bill great question & a common one in this climate. Majority of lenders will allow a pre approval to stay in place for up to three months. There are one or two lenders that will allow the pre approval to stay in place for up to six months. Once the pre approval expire it's generally a fairly straightforward process to extend the pre approval with the lender with just some updated personal & income details. I hope this helps & please feel free to contact me offline to discuss further.

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