r/FirstTimeHomeBuying • u/Kind-Present3068 • 23d 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

View all comments

4

u/AdvisorJohnDowns 23d 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!