How long do Mortgage Approvals Last?

I am looking to buy my first home next summer, and I was wanting to see where I stand on what I can afford with my credit (fair) and my income. I was wondering how long does the mortgage approval last for, say if I applied and got approved, how long would I be able to buy a house on that? Also, am I legally obligated to buy a house if I get approved for a mortgage? Last question, are there any internet sites that I can go to, to try and find out my limit myself? Thanks so much!

6 Answers

  • Chris
    Lv 6
    1 decade ago
    Favorite Answer

    If you get a true approval from a lender (through a broker or a bank Loan Officer) you usually only have 15-30 days before that pre-approval expires. However they broker or LO can keep submitting your file to lenders and getting re-pre-approvals.

    Some things in your file will have an expiration date on them: a credit report is usually only good for 60-120 days, most lenders need your most current paystub, etc.

    What I'd recomend is that you meet with a broker now and let them know you intend to get READY to buy and make a purchase next summer. A good, honest broker will help you now in hopes that you choose them for the final transaction (I know my company does business that way!). Start by talking to your frineds and family about who they used for their mortgages and call the broker people say they would use again.

    The other thing to consider is that the market may be very, very different by next summer. Your best bet right now may simply to attend a First Time Home Buyers Class set up by the state or a non-profit in your area (the ones put on by banks and brokers are usually - but not always - full of sales pitches). They will show you how to groom your credit and give you tips on how to save up the most money down possible in the shortest time.

    This site is the official HUD site and you might be able to find some info specific to your area on here:

    if not, try the web page for your city or county government.

    Good luck, and it sounds like you are doing the right thing by planning so far in advance!

    Source(s): I'm a partner in a mortgage brokerage and a Senior Mortgage Specialist
  • 1 decade ago

    Mortgage underwriting guidelines only allow between 60-120 days for a credit report, so your approval would not be longer than that. But you could get pre-approved now so you know your range and then complete a full application closer to the time you intend to purchase. It is a good idea to get a full credit approval right BEFORE you look at properties. It will keep you in the right price range and make you a strong negotiator.

    If you have a purchase contract with a seller that is contingent upon financing and you get your mortgage approval you MAY be liable to complete the purchase. Just being approved for a mortgage does not obligate you to buy.

    There are many Internet sites that have calculators designed to help you determine your price range. Just do a search for "mortgage calculators" and you will find thousands of them. However, an experienced mortgage specialist can do a better job for you, since they can recongize red flags that you may not be aware of.

    See my 360 site if you want to know more about mortgages.

  • Anonymous
    1 decade ago

    No, you are not legally obligated to buy a house if you get approved for a mortgage. There are tons of internet websites out there that can help you, but I would start with to get information about rates and the market and then, referrals.

    Go to to see your free credit report. They don't give you your actual credit scores unless you pay, but you can see who is reporting what, etc...

    A mortgage loan approval typically lasts 30 -60 days, depending on when your credit was run.

    I would suggest you contact a local mortgage broker to have them run your scenario. They can submit your loan scenario to an actual lender - meaning your credit, income, etc.. and that lender will come back and say that based on your credit we will loan you X amount of dollars to buy a home. THEN, you can go look at houses in that price range and KNOW you can afford them and make solid offers.

    If you need further help, I would be happy to speak with you directly. I am a mortgage broker in Los Angeles, but I do loans nationwide. My email address is


    Melissa Curtis

    Mortgage Broker

    Source(s): ME, I AM a Mortgage Broker, after all :)
  • 3 years ago

    in the experience that your lender can not close your very own loan in 40 5 days you would be able to desire to locate a sparkling lender. replaced into your "approval" letter contingent on something, collectively with what you faxed to him mandatory to be as you stated? call him now & tell him once you would be able to desire to close. Ask if he can do it. If not flow someplace else.

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    2 weeks.

    I found interesting information about your answer & the best options here.

    Good luck!

  • Anonymous
    1 decade ago

    Check out this blog which has some great articles about mortgages & refinance!

Still have questions? Get your answers by asking now.