How Long Does Pre-Approval Last?
Your pre-approval isn’t just a piece of paper — it’s a rate guarantee. But that protection doesn’t last forever. Here’s what you need to know about pre-approval timelines and how to maximize your rate hold.
The Standard Rate Hold
Most pre-approvals come with a 90 to 120 day rate hold. This means your rate is protected for that period, regardless of what happens in the market. If rates go up, you keep your lower locked-in rate. If rates go down, most lenders will honour the lower rate.
When Your Hold Is About to Expire
If your pre-approval is approaching its expiry and you haven’t found a home yet, don’t panic. Here are your options:
- Extend with same lender: Most lenders will renew your hold at current rates
- Get a new pre-approval: If rates have dropped, we can shop for a better deal
- Update your documents: Lenders may need current pay stubs and bank statements
🔑 Good To Know
Your financial situation should remain stable during your pre-approval period. Major changes — like switching jobs, taking on new debt, or making large purchases — can affect your final approval.
Does Pre-Approval Guarantee Approval?
A pre-approval is a strong commitment based on your financial situation, but final approval depends on the specific property. The home must appraise at or above the purchase price and meet lender condition requirements. We guide you through these steps when you find your property.
Elevation Mortgage
INDEPENDENT MORTGAGE BROKERS · LICENSED AB & BC
Julie & Andy Jeffery — independent mortgage brokers serving Calgary, Nelson BC,
and clients across Alberta and British Columbia.
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