How long is a mortgage preapproval good for?
A mortgage pre-approval is typically valid for a certain period of time, usually 60 to 90 days. During this time, CapCenter will have reviewed your credit report, income, and assets to determine how much you can afford to borrow. The pre-approval letter that the lender provides will include the approved loan amount, the interest rate and the terms of the loan.
It's important to keep in mind that a pre-approval is not a guarantee of a loan, and the lender will still need to verify the information provided before approving the loan. The secondary verification of information may even seem repetitive, but lenders are required to verify certain information after a period of time. Additionally, if there are any changes in your financial situation, such as a decrease in income or an increase in debt, this could affect the lender's decision to approve the loan.
It's also important to note that the property you are interested in buying must also be appraised, and the lender will also check for any issues, such as liens, on the property before approving the loan.
It's important to understand that the pre-approval letter is a conditional commitment, and many factors can change during the process, such as changes in your credit, employment or the property condition. If you don't find a property within the pre-approval period, you may need to go through the pre-approval process again with the lender to get a new letter.
CapCenter offers rate locking and extended rate locks for different situations. Please consult our licensed representatives for more information.
Get pre-approved in as little as 1 hour by applying on our fast and easy online application portal.