Why You Should Keep Your Mortgage Pre-Approval Up-to-Date in Today’s Real Estate Market

Introduction:

If you’ve been house hunting for a while, you already know the golden rule: get a mortgage pre-approval before you start viewing homes. But here’s a little secret—getting that pre-approval isn’t a one-and-done deal. In fact, updating it regularly can make or break your chances in today’s fast-moving market.

Why? Because mortgage rates are bouncing around like a yo-yo, and homes are taking longer to snag due to competitive bidding wars. Keeping your pre-approval current ensures you’re ready to pounce when your dream home pops up.

Sure, it might sound like another chore, but trust me, the payoff is worth it. Let’s dive into why keeping your pre-approval fresh is essential and when it’s time to give your lender a call.

When Should You Refresh Your Pre-Approval? 👊

Pre-approvals don’t last forever. Most are only valid for 60-90 days—think of them as the milk in your fridge; they expire faster than you expect! Beyond that, life (and finances) can throw curveballs that impact your ability to borrow. Here’s when you should update your pre-approval:

1. You Took a Break from House Hunting

Burnout is real—especially in today’s market. If you paused your search, even for a few months, it’s time to check back in with your lender. A quick refresh keeps you in the game and ready to act when the perfect home appears.

2. It’s Been a While Since You Started Looking

You know what they say, time flies when you’re hunting for houses. If you’ve been searching longer than expected, your pre-approval might already be outdated. Check those dates to avoid any surprises when you’re ready to make an offer.

3. You Changed Jobs

Even if you landed a better-paying role, job changes can be a red flag for lenders—especially if you switched industries. It’s better to be safe than sorry, so update your lender about your new gig to avoid any hiccups.

4. Your Finances Have Shifted

Got a raise? Paid off a big debt? Received a bonus or inheritance? Congrats! Now let your lender know—these changes might boost how much you can borrow. On the flip side, if you’ve had a financial setback, it’s best to address it sooner rather than later.

5. You Made a Big Purchase

That shiny new car or dream vacation could impact your debt-to-income ratio. Even cash purchases can change the way lenders view your financial picture, so check in to see how it affects your approval.

6. Your Credit Score Moved

Credit scores aren’t static—they fluctuate. If yours has climbed higher (great job!) or taken a dip, it’s time to find out how that impacts your mortgage options.

7. Interest Rates Have Changed

Mortgage rates are constantly shifting. A higher rate might affect how much you can afford, while a lower rate could mean extra wiggle room in your budget. Either way, it’s worth exploring what today’s rates mean for your loan.

8. New Loan Programs Might Benefit You

Lenders are always rolling out new options or tweaking the qualifications for existing ones. An updated pre-approval might reveal better terms, programs, or even an increase in your borrowing power.

Why an Up-to-Date Pre-Approval Matters

Even if nothing on that list applies to you, having a current pre-approval is a must when making an offer. Sellers and listing agents want to see a buyer who’s prepared and serious. Submitting an outdated letter? That’s like showing up to a job interview with a résumé from five years ago—it doesn’t inspire confidence.

An updated pre-approval not only streamlines the process when you find “the one,” but it also gives you a competitive edge over other buyers who may seem less prepared.

The Bottom Line

In today’s unpredictable market, staying ahead means keeping your mortgage pre-approval up to date. It’s not just a piece of paper—it’s your golden ticket to securing your dream home. Whether your life circumstances or market conditions have changed, a quick check-in with your lender can save you time, stress, and money in the long run.

So, take a few minutes, make the call, and ensure you’re always ready to make your move. Your dream home is out there, and with an updated pre-approval in hand, you’ll be ready to claim it!