Mortgage Pre-Approval Letter 2026: Get Approved in 24 Hours
Mortgage pre-approval = your golden ticket to home buying. Get approved in 24 hours, know your exact loan amount ($200K-$500K+), and win bidding wars against cash buyers. Requirements: 620+ credit score, 2 years income verification, DTI below 43%, proof of assets. Pre-approval ≠ pre-qualification: Pre-approval is verified (hard credit check, income confirmed) while pre-qualification is just an estimate. This complete 2026 guide covers how to get pre-approved, requirements, documents needed, and top lenders offering 24-hour approval. Compare with pre-qual vs pre-approval and best lenders. Get pre-approved free in 24 hours.
🎯 Pre-Approval Benefits
⚡ 24-Hour Pre-Approval Lenders
What is Mortgage Pre-Approval?
Pre-Approval Definition
Mortgage pre-approval = lender verifies your finances and commits to lending you a specific amount.
What lender verifies:
- • Credit score: Hard credit check (620+ required)
- • Income: 2 years W-2s, pay stubs, tax returns
- • Employment: Verify current job, call employer
- • Assets: Bank statements (2-3 months), down payment proof
- • Debts: Credit report, DTI calculation
- • Loan amount: Exact amount you qualify for
| Feature | Pre-Qualification | Pre-Approval |
|---|---|---|
| Credit Check | Soft check (no impact) | Hard check (verified) |
| Income Verification | Self-reported (not verified) | Verified (W-2s, pay stubs) |
| Asset Verification | Self-reported | Verified (bank statements) |
| Loan Amount | Estimate only | Exact commitment |
| Seller Acceptance | Weak (not trusted) | Strong (trusted) |
| Time to Complete | 15 minutes | 3-7 days (24 hours online) |
⚠️ Important Distinction
Pre-qualification = estimate. Lender says "based on what you told us, you might qualify for $300K."
Pre-approval = commitment. Lender says "we verified everything, you ARE approved for $300K."
Sellers want pre-approval, not pre-qualification. See full comparison.
🚀 Get Pre-Approved in 24 Hours!
Know your exact loan amount. Win bidding wars. Lock best rate!
Get Pre-Approved Free →Free pre-approval • 24-hour approval • No obligation
Pre-Approval Requirements 2026
Credit Score: 620+ (Conventional), 580+ (FHA)
Credit score requirements by loan type:
Tip: Check credit 3-6 months before applying. Fix errors, pay down balances to boost score.
Income: 2 Years Stable Employment
Income documentation required:
- • W-2 employees: Last 2 years W-2s + 2 recent pay stubs
- • Self-employed: 2 years tax returns + profit/loss statements
- • 1099 contractors: 2 years 1099s + bank statements
- • Bonus/commission: 2-year average (must be consistent)
- • Rental income: Lease agreements + tax Schedule E
Tip: Lenders average 2 years income. If income dropped recently, may hurt approval.
DTI: Below 43% (Conventional), 50% (FHA)
DTI calculation:
Example:
DTI limits: Conventional 43%, FHA 50%, VA 41% (can go higher with compensating factors)
Tip: Pay off small debts before applying to lower DTI. Use DTI calculator.
Assets: Down Payment + Closing Costs + Reserves
Cash needed for $300K home (20% down):
How to Get Pre-Approved (Step-by-Step)
Choose 2-3 Lenders to Compare
Why compare multiple lenders: Rates vary 0.25-0.50% = $45-$90/month difference.
Top lenders for 24-hour pre-approval:
- • Rocket Mortgage: 24-hour approval, 6.09% rate
- • Better.com: Same-day approval, $0 fees, 6.15% rate
- • LoanDepot: 24-48 hour approval, 6.20% rate
Gather Required Documents
- • Last 2 years W-2s or tax returns
- • Last 2 pay stubs (if W-2 employee)
- • Last 2-3 months bank statements (all accounts)
- • Photo ID (driver's license)
- • Social Security number
- • Proof of other income (rental, alimony, etc.)
Complete Application (15-30 Minutes)
Fill out online application. Provide: income, employment, assets, debts, property info (if known).
Lender Verifies Everything (3-7 Days, 24 Hours Online)
Lender pulls credit, verifies income/employment, reviews assets. May ask for additional docs.
Receive Pre-Approval Letter
Letter includes: Approved loan amount, loan type, rate estimate, expiration date (60-90 days).
Use letter to: Make offers, negotiate with sellers, lock rate, shop with confidence.
🎯 Get Pre-Approved from Top Lenders!
Compare rates from 3+ lenders. Get approved in 24 hours. Win bidding wars!
Get Pre-Approved Now →Free pre-approval • 24-hour approval • No obligation
Frequently Asked Questions
How long does pre-approval take?
24 hours to 7 days depending on lender. Online lenders (Rocket, Better.com): 24-hour approval. Traditional banks: 3-7 days. Credit unions: 5-10 days. Why variation: Online lenders use automated underwriting (faster), banks use manual review (slower). To speed up: Have all documents ready, apply online, choose online lender. Get 24-hour pre-approval.
Does pre-approval hurt credit score?
Yes, but minimally (2-5 points). Pre-approval requires hard credit check = temporary 2-5 point drop. Good news: Multiple mortgage inquiries within 14-45 days count as single inquiry (rate shopping window). Strategy: Get all pre-approvals within 14 days = single credit hit. Score recovers: 3-6 months. Pre-qualification: Soft check = no credit impact (but sellers don't accept it).
How long is pre-approval valid?
60-90 days (varies by lender). Why expires: Financial situation can change (job loss, new debt, credit score drop). What happens after expiration: Need to re-apply, lender re-verifies everything. Tip: If house hunting takes longer, get pre-approval renewed 2 weeks before expiration (faster than new application). Rate lock: Separate from pre-approval, typically 30-60 days.
Can I get pre-approved with bad credit?
Yes, but options limited. 580-619 credit: FHA loan (3.5% down, higher rate). 500-579 credit: FHA with 10% down. Below 500: Very difficult, need manual underwriting. Better strategy: Wait 6-12 months, improve credit to 620+ for conventional loan (better rates, lower fees). How to improve: Pay down credit cards below 30% utilization, dispute errors, pay all bills on time. Avoid common mistakes.