How long after a loan has been approved is the bank committed to honor the request?
We have not seen specific direction on this. Most lenders will offer a loan and it is conditioned with a time frame, such as two weeks or a month, and is also based on the borrower's conditions not changing. That means that if you were approved, based on your income and debts, for a loan with a payment of $1,000, you couldn't then borrow for a new car and expect to get this other loan. Your qualifications just decreased because of the new debt.
The basis for the approval is more on qualifications, than time. That said, if you went beyond a month, the lender may feel compelled to go through the qualification steps again to refresh their records and see what you qualify for at that time.
Most consumer offers of credit can be expected to last up to a month, but commercial and mortgage loans could go far beyond that. This is in part due to the work involved in finishing those loans. A home loan may include the time for construction and the final mortgage loan a year after construction started. A commercial loan commitment may extend beyond that as property has to be acquired, zoning ordinances may have to be changed, tenants lined up, etc...
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We have not seen specific direction on this. Most lenders will offer a loan and it is conditioned with a time frame, such as two weeks or a month, and is also based on the borrower's conditions not changing. That means that if you were approved, based on your income and debts, for a loan with a payment of $1,000, you couldn't then borrow for a new car and expect to get this other loan. Your qualifications just decreased because of the new debt.