Mortgage Pre-Approval
A pre-approval letter shows sellers you're serious and tells you exactly how much you can borrow. Here's how to prepare.
Pre-Approval vs Pre-Qualification
Pre-Qualification
- • Quick estimate based on self-reported info
- • No credit check or document review
- • Not verified — sellers don't take it as seriously
- • Good for a rough idea of your range
Pre-Approval (get this)
- • Full credit check and document verification
- • Lender commits to a specific loan amount
- • Carries real weight with sellers
- • Valid for 60-90 days typically
Documents You'll Need
Pre-Approval Documents
0/12What to Expect
1
Choose a lender
Compare rates from at least 3 lenders. Consider banks, credit unions, and mortgage brokers. All inquiries within 14-45 days count as one hard pull.
2
Submit application & documents
Most lenders have an online portal. Upload everything they request promptly — delays slow the process.
3
Credit check
The lender pulls your credit from all 3 bureaus. They use the middle score (if 2 borrowers, they use the lower middle score).
4
Receive your pre-approval letter
Typically takes 1-3 business days. The letter states your approved loan amount, rate (may be locked or estimated), and expiration.
Pro Tips
- • Don't quit your job, switch jobs, or go from salaried to self-employed during the process
- • Don't take on new debt (car loans, credit cards, furniture financing)
- • Don't make large deposits without a clear paper trail
- • Do keep paying all bills on time
- • Do keep your credit utilization low
- • Do save more than you think you'll need — unexpected costs always come up