This preapproval letter is not a binding commitment, but rather a valid offer to lend you a certain amount of money that is typically good for the next 60 – 90 days, depending on your lender.
Having a pre-approval letter in hand means sellers will take you more seriously as a buyer because you already know how much you can afford and that a lender is willing to loan you that amount
Prequalification and preapproval both refer to a letter from a lender that specifies how much the lender is willing to lend to you, up to a certain amount and based on certain assumptions. These letters provide useful information, but are not guaranteed loan offers.
60 to 90 days
Does a Preapproval Letter Expire? Once you have your preapproval letter, you may be wondering how long it lasts. Your income, credit history, interest rate — think about all the different ways your finances can change after you get your letter. For this reason, a mortgage preapproval typically lasts for 60 to 90 days. This is why Scheduling a property tour along side of getting your Pre Approval letter is key to finding the home you know you can afford and the Pre Approval letter will help the seller consider or except your offer faster.