What Happens If My Mortgage Pre-Approval Expires?
Any homebuyer will benefit from a mortgage pre-approval, a document stating the loan amount you can be approved for. These documents make you look reliable to sellers, but you have a due date to work with. You may wonder, “What happens if my mortgage pre-approval expires?”
Altitude Home Loans is here to explain this process. Get in touch with us today if you need experienced mortgage lenders in Tuscon, AZ, to help you navigate the overwhelming mortgage process.
What Is a Mortgage Pre-Approval?
Take advantage of a mortgage pre-approval to expedite the homeownership process, especially since the mortgage industry plays a crucial role in most home purchases. The pre-approval document states the loan amount a bank or other financial institution has approved you for.
When you put in an offer on a house, you’ll be more likely to be considered than a homebuyer who hasn’t sought pre-approval, since you have proof you can afford the offer you’re requesting.
When Will My Pre-Approval Expire?
The validity period will be different for everyone, but you typically have up to 90 days to purchase a home before your pre-approval expires. Your document will state the expiration date, but you can always ask your loan officer if you can’t find it or need clarification.
What Happens If Your Mortgage Pre-Approval Expires
Life is never as organized as you’d like it to be, so while you may intend to use your pre-approval while it’s valid, that might not happen. But what happens if your mortgage pre-approval expires? You won’t have any penalties for letting your pre-approval expire — but there are some inconveniences.
It May Take Longer To Find a House
The unpleasant answer to “What happens if my mortgage pre-approval expires?” is that you’ll have reduced chances of buying your dream home until you have it back in place. Those with pre-approvals are typically favored over those without.
You’ll need to contact your loan officer to start the process over again. Depending on your situation, you may only need to resubmit a few documents rather than do it all over again.
Your Next Pre-Approval Rate May Change
Your new rate might change if your credit score or financial situation differs from when you last sought pre-approval for a mortgage. You may have a better or worse pre-approval based on these changes.
What To Do Next
“What happens if my mortgage pre-approval expires?” is often followed by, “Now what?” If your pre-approval expires, you need to:
- Contact Your Lender: Do this sooner than later. Let them know you ran out of time and need a new pre-approval.
- Submit Necessary Paperwork: Your loan officer will tell you what papers you need. You might need to submit some or all of your previous documentation along with new documents.
Call Altitude Home Loans Today
You don’t have to ask, “What happens if my mortgage pre-approval expires?” Call Altitude Home Loans in Tuscon, AZ, at (520) 500-1010 to start working with a local mortgage lender.