How long is the pre-qualification for a loan amount good for?

Asked by: of Hagerstown, MD on 2013-05-16T22:32:17Z

AmberI am not a lender but I feel comfortable in saying that most likely 45-60 days.I can recommend a lender if you need one...Let me know when you will be ready for real estate services.Ania


90 days. You should be cautious in how frequently you get evaluated for pre-qualifications because the lender should check among other things your credit score. And having your credit score checked can cause that score to drop.


Pre-Qualification is traditionally the first part of your mortgage process. A Mortgage Lender uses your basic income debt and asset information you supply to establish a general picture of your financial situation. It has little value beyond establishing a maximum loan amount and programs you should qualify for. Most listing agents do not place much value in their worth. They are accurate for as long as the information you supply has not changed.Pre-Approval comes after you have completed a formal Loan Application had a full Credit Report pulled and supplied the lender with a complete list of documentation i.e. Tax Returns Paystubs Bank Account Statements W-2s Divorce Agreements etc.. This is normally presented in letter form from the Lender to accompany an offer to purchase a specific property. It is not a loan formal loan approval and has no time limit on it.


Hi Amber It depends on who is providing the pre-qualification. The longest I have seen is 90 days.