Mortgage Preapproval Duration Statistics

In this post, we will explore key statistics related to mortgage preapproval, shedding light on various aspects of the process that potential home buyers should consider. From the percentage of successful preapprovals to the impact on home purchasing success rates, these statistics provide valuable insights for individuals navigating the real estate market.

Statistic 1

"72% of prospective home buyers get preapproved for a mortgage before house hunting."

Statistic 2

"Mortgage pre-approvals are typically valid for 60-90 days."

Statistic 3

"80% of realtors say preapproved buyers increase their chances to successfully buy a home."

Statistic 4

"About 10% of home buyers are denied at preapproval, not getting to the preapproval stage."

Statistic 5

"Mortgage preapproval generally requires a credit score of 620 or higher."

Statistic 6

"The average 30-year fixed mortgage rate is currently 2.87%."

Statistic 7

"Having a pre-approval can make you more attractive to sellers, improving your chances by 44%."

Statistic 8

"About 45% of homeowners might have secured better mortgage rates if they had shopped around more at the preapproval stage."

Statistic 9

"A buyer with a pre-approved mortgage is nearly eight times more likely to close than someone who has not been pre-approved."

Statistic 10

"Over 24% of denied preapprovals are due to insufficient credit history."

Statistic 11

"Mortgage preapproval often requires a down payment of 20% on average."

Statistic 12

"88% of home buyers finance their home purchase, typically beginning with mortgage preapproval."

Statistic 13

"More than a third of people who get preapproved won't close on a loan within 90 days."

Statistic 14

"On average, it takes about one to two weeks to get pre-approved for a mortgage."

Statistic 15

"83% of those that apply are granted pre-approval for a mortgage."

Statistic 16

"48% of homebuyers report some kind of delay in mortgage processing."

Statistic 17

"Approximately 15% of preapproved mortgages fall through, due to various factors."

In summary, the statistics on mortgage preapproval shed light on its significance in the home buying process. The high percentage of prospective buyers seeking preapproval before house hunting indicates its perceived importance, with realtors recognizing its impact on successful home purchases. However, the denial rate at the preapproval stage highlights the challenges individuals may face due to credit score requirements and other factors. While preapproval offers many benefits such as increased chances of closing and seller appeal, there are also pitfalls like delays in processing and falling through of preapproved mortgages. It is evident that obtaining a preapproved mortgage is a crucial step for most home buyers, albeit with potential obstacles along the way.