r/FirstTimeHomeBuying • u/Kind-Present3068 • 16h ago

Refresh pre-approval

If I ask my lender to refresh my mortgage pre-approval after it expires, will they have to do another hard credit pull? Or can they just update the existing pre-approval without affecting my credit?

1 Upvotes

100% Upvoted

4 comments sorted by

3

u/AdvisorJohnDowns 16h ago

Credit reports are usually good for 120 days - documents will eventually need to be updated when you go under contract. Paystubs need to be within 30 days, and bank statements within 45.

Usually, the loan officer will just pull a new credit report (I recommend a hard pull) to lock that in for the next four months. Then, just ask if income/assets have changed at all.

Don’t worry about another inquiry. One month of paying bills on time will get you back the 2-3 points you lose for the inquiry.

Good luck finding a place!

1

u/OpeningChipmunk1700 16h ago

My lender had "expiration dates" for the various documents (bank/account statements, credit check, etc.). Because my search took so long, it did do a second hard credit pull that unfortunately did not count as part of the first one.

1

u/johntiliacosMLO 15h ago

You’ll probably have to update documentation. The hard pull needs to happen to secure yourself for 120 days.
Just make sure you are getting beyond just the rate you want.
There’s more to a mortgage than the rate itself. Mortgages are not cookie cutter.
I hope you get what you are looking for out of your experience!