Chloe R. · 2 Oct

How long does a pre-approval last?

Our broker got us a pre-approval last week. How long is it good for, and does it guarantee the loan when we find a place?

3 replies

Priya S. · 2 Oct
Usually three to six months, depending on the lender. It isn't a guarantee: the lender still values the property and checks nothing has changed.
3
Ben C. · 2 Oct
Don't take on new debt while it's open, not even a phone plan or a car loan. It can sink the final approval.
Chloe R. · 2 Oct
Good to know. No new phone for me until we settle.