Written for Louisiana Mortgage Handbook by Chasity Graff, Louisiana mortgage broker.
Last reviewed: 2026-06-23
Quick Answer
A preapproval usually has a limited life because the information behind it can change.
I generally treat a preapproval as good for about 90 days because that is how long the credit report is usually good. If we cannot close within that timeframe, credit may need to be refreshed or repulled before final approval and closing.
Credit reports, income documents, bank statements, rates, insurance, taxes, and guidelines may all need to be updated if time passes.
Why Preapprovals Expire
A preapproval is based on a snapshot in time.
If that snapshot changes, the approval may change too. Even if nothing major changes in your life, documents can become too old for underwriting.
That does not mean you are starting over from scratch. It usually just means we need to update the items that have aged or changed.
Why the 90-Day Credit Window Matters
Credit can change while you are shopping.
Credit scores, monthly debts, balances, new accounts, and payment history can affect the rate, loan program, mortgage insurance, and final approval, with approved credit and final underwriting review.
Worst case, if the credit profile changes enough, it could result in the loan no longer being approved.
Common Items That May Need Updating
You may need updated pay stubs, bank statements, employment information, credit, asset balances, or explanations if something changed since the first review.
The goal is to make sure the preapproval still matches your current file.
What Happens If You Are Still Shopping
If you are still shopping after a few months, it is usually smart to refresh the file before making an offer.
That does not mean starting over from scratch. It usually means updating the items that have aged or changed.
It is much better to do that before you write an offer than to find out after contract that something no longer works.
Why Rates Matter
If rates move, your payment and qualifying number can change.
A price range that worked when rates were lower may need to be adjusted if rates move higher. The same purchase price can look different when the interest rate, taxes, insurance, or mortgage insurance change.
My Thought Process
I would rather update a preapproval before an offer than discover stale documents, credit changes, or payment issues after the contract is accepted.
That small refresh can prevent a big headache.
Common Mistakes
Using an old letter without checking current numbers.
Assuming the same payment still works after rates change.
Forgetting bank statements and pay stubs age out.
Making major financial changes while shopping.
Not telling the lender about job, income, credit, or debt changes.
Bottom Line
A preapproval is useful, but it needs to stay current.
If time has passed or anything has changed with your credit, income, debts, assets, rate, insurance, taxes, or property, the file may need to be updated before final approval and closing.
The goal is not just to have a preapproval letter. The goal is to make sure the loan still has a real path to closing, with approved credit and final underwriting review.
Educational Note
This page is meant to explain the mortgage process in plain English. It is not a loan approval, commitment to lend, rate quote, or legal/tax advice. Mortgage programs, pricing, documentation requirements, and guidelines can change. Final approval depends on credit, income, assets, property approval, underwriting review, lender guidelines, and approved credit.