How Long Does Mortgage Pre-Approval Last?

by Admin Aug 28, 2023

If you are preparing to buy a home in Knoxville, you may have already started to look at mortgages. If you have researched the process of buying a home, then you are likely already aware that getting pre-approval for your mortgage is an important step. Not only does it give you a solid budget to help narrow your property search, but it also signals to sellers that you are a serious buyer ready to make an offer when you find the right home.

How Long Does Mortgage Pre-Approval Last?

However, pre-approval won't last forever, so it is important to make sure that you understand where in the timeline it should come when you prepare to buy a home in Knoxville.

What is Mortgage Pre-Approval?

Mortgage pre-approval is a statement from your lender that they have examined your financial status and determined the amount they will be willing to lend you to buy a home in Knoxville. The lender will conduct an in-depth analysis of your finances, including your income, debts, credit history, and assets. When you obtain a pre-approval, it shows that you have the funding available to purchase the house, giving you more credibility as a buyer in comparison to someone without pre-approval.

How Long Does Pre-Approval Last?

Anything relating to finance can change at a moment's notice. For example, you may have a well-paying job right now, but there is always a chance your employer could go bankrupt, leaving you unexpectedly unemployed. For this reason, when you are preparing to buy a home in Knoxville, you must keep in mind that your mortgage pre-approval is not open-ended. The timeframe will vary from one lender to the next, but on average, you can expect your pre-approval to last for 60 to 90 days. It is also important to remember that pre-approval does not guarantee the final approval of a home loan, so it is essential that you maintain a stable position with your finances while preparing to buy a home in Knoxville.

Factors That May Invalidate Your Pre-Approval

Knowing that a mortgage pre-approval is something that can be revoked, you will likely be wondering what the factors are that might cause a lender to withdraw your pre-approval. Here are a few of the most common factors that can impact your pre-approval status when buying a home in Knoxville:

  1. Changes in Financial Status - Any major disruption in your finances could result in your mortgage pre-approval being revoked. It is essential that you inform your lender immediately of any significant changes in your circumstances. This will include things like losing your job, a drop in income, or an increase in your debts. The lender will re-evaluate your finances and decide if they are still able to pre-approve your home loan. It is important to inform them promptly to avoid any delay in the process of trying to buy a home in Knoxville.
  2. Expiration Of Pre-Approval - As discussed above, your pre-approval has an expiration date. If this comes around before you have found the home you want to purchase or made an offer, you will need to renew your pre-approval. This will involve providing updated documentation of your finances and submitting a new credit check. Assuming your finances have remained stable with no significant changes, your lender will likely not have any problem renewing the pre-approval to allow you time to make an offer on the home you want to buy.
  3. Changes in Market Conditions - It is also important to note that when you prepare to buy a home in Knoxville, there may be fluctuations in the local real estate market. These fluctuations, along with interest rate changes, might have an impact on your mortgage pre-approval. If interest rates climb significantly during your pre-approval period, the lender may wish to re-evaluate before finalizing your home loan.

What Are The Benefits of Pre-Approval?

So, the big question is, when preparing to buy a home in Knoxville, is getting pre-approved for a mortgage worth it? The short answer is absolutely! We have already briefly touched on the benefits of pre-approval, but let's look at them in more detail. Firstly, when you are pre-approved for a home loan, it gives you a clear picture of your budget - in other words, how much house you can afford! This can help you narrow your search to homes within your approved budget. Next, it can boost your credibility and negotiation leverage. Sellers can see that you are a serious buyer who already has the backing of a lender. This could give you an edge if you end up competing with other buyers who may not have pre-approval. Finally, when you have your home loan pre-approved, you can act quickly when you find your dream home. This reduces the risk of losing out to other buyers while you scramble to get a mortgage. Sellers will usually prioritize pre-approved buyers in order to facilitate a faster sale.

If you are preparing to buy a home in Knoxville, hopefully, you can better understand mortgage pre-approval and how it can benefit you. If you need additional help, don't hesitate to contact Wright Realty; we will be happy to guide you through the process.


Wright Realty is a full-service real estate concierge with a wholistic approach to buying and selling property in East Tennessee. We are your trusted advisor and keep open communication throughout your entire buying/selling process. Real Estate done "Wright" means more than just a 'transaction'.

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