⚡ Quick Answer: What Is Mortgage Pre-Approval?
Mortgage pre-approval is a lender's conditional commitment to lend you a specific amount based on your verified income, credit, and assets. It shows sellers you're a serious, qualified buyer and gives you a clear budget for house hunting.
24-72 hrs
Typical Timeline
60-90 days
How Long It Lasts
620+
Min Credit Score
🔍 Pre-Approval vs Pre-Qualification: What's the Difference?
| Factor | Pre-Qualification | Pre-Approval ✅ |
|---|---|---|
| Verification Level | Self-reported info only | Verified documents |
| Credit Check | Soft pull (no impact) | Hard pull (minor impact) |
| Time to Get | Minutes | 24-72 hours |
| Seller Confidence | Low | High |
| Accuracy | Estimate only | Reliable commitment |
| Competitive Offers | Weak position | Strong position |
💡 Bottom Line: In today's competitive market, sellers expect pre-approval letters. Pre-qualification is a good starting point, but pre-approval is what wins offers.
📋 Documents You'll Need for Pre-Approval
Gather these documents before starting your application to speed up the process:
💼 Income Verification
- ✓Pay stubs
Last 30 days (most recent)
- ✓W-2 forms
Last 2 years
- ✓Tax returns
Last 2 years (all pages)
- ✓Employment verification
Employer contact info
🏦 Asset Documentation
- ✓Bank statements
Last 2-3 months (all pages)
- ✓Investment accounts
401(k), IRA, brokerage statements
- ✓Gift letter
If receiving down payment help
- ✓Proof of other assets
Real estate, vehicles, etc.
🪪 Identity & Residence
- ✓Government ID
Driver's license or passport
- ✓Social Security number
For credit check
- ✓Proof of residence
Utility bill or lease
💳 Debt Information
- ✓Current mortgage statement
If you own property
- ✓Auto loan statements
Current balance and payment
- ✓Student loan info
Balance and monthly payment
- ✓Credit card statements
Recent statements
💡 Pro Tip: Self-Employed Borrowers
If you're self-employed, you'll also need: 2 years of business tax returns, profit & loss statements, and possibly a CPA letter verifying your income. Consider a DSCR loan if your tax returns don't reflect your true income.
📝 Step-by-Step Pre-Approval Process
Check Your Credit Score (Free)
Before applying, know where you stand. You can get free credit scores from Credit Karma, your bank, or AnnualCreditReport.com. Aim for 620+ for conventional loans, 580+ for FHA.
⏱️ Time: 5 minutes
Gather Your Documents
Collect all the documents listed above. Having everything ready speeds up the process significantly. Most lenders accept digital uploads (PDFs or photos).
⏱️ Time: 30-60 minutes
Compare Lenders & Apply
Apply with 2-3 lenders to compare rates and terms. Multiple applications within 45 days count as one credit inquiry. Online lenders often have faster turnaround.
→ Compare pre-approval lenders⏱️ Time: 15-30 minutes per application
Upload Documents & Verify Info
The lender will review your application, pull your credit, and may ask for additional documents. Respond quickly to any requests to avoid delays.
⏱️ Time: 1-3 days (depending on responsiveness)
Receive Your Pre-Approval Letter! 🎉
Once approved, you'll receive a pre-approval letter stating the loan amount, type, and terms you qualify for. This letter is your ticket to making competitive offers!
⏱️ Total time: 24-72 hours (with fast response)
📊 Credit Score Requirements by Loan Type
| Loan Type | Minimum Score | Best Rates | Down Payment |
|---|---|---|---|
| Conventional | 620 | 740+ | 3-20% |
| FHA | 580 (3.5% down) 500 (10% down) | 680+ | 3.5-10% |
| VA | No minimum (lenders typically want 620+) | 700+ | 0% |
| USDA | 640 | 680+ | 0% |
| Jumbo | 700 | 740+ | 10-20% |
💡 Credit Tip: Every 20-point increase in your credit score can lower your rate by 0.125-0.25%. On a $400K loan, that's $50-$100/month savings. If your score is borderline, consider waiting 2-3 months to improve it before applying.
⏰ How Long Does Pre-Approval Last?
60-90
Days Typical
Most lenders issue letters valid for 60-90 days
Free
To Renew
Just update your documents and re-verify
45
Day Rate Shop Window
Multiple credit pulls count as one inquiry
⚠️ What Can Void Your Pre-Approval
- • Changing jobs - Even for higher pay, wait until after closing
- • Large purchases - Don't buy a car or furniture on credit
- • New credit applications - Avoid opening new accounts
- • Large deposits - Unexplained deposits raise red flags
- • Cosigning loans - This adds to your debt obligations
🏆 Best Online Pre-Approval Lenders (2026)
Rocket Mortgage
Best for: Speed and technology
- ✓ Pre-approval in as little as 8 minutes
- ✓ Verified approval letter (stronger than standard)
- ✓ Excellent mobile app
4.8★
User Rating
Better.com
Best for: Low fees and rates
- ✓ No origination fees
- ✓ Instant pre-approval letter
- ✓ Price match guarantee
4.7★
User Rating
LoanDepot
Best for: Customer service
- ✓ Dedicated loan officer
- ✓ Wide variety of loan products
- ✓ Strong refinance options
4.6★
User Rating
Ready to Get Pre-Approved?
Start your home buying journey today. Get pre-approved online in as little as 24 hours and shop with confidence.
❓ Frequently Asked Questions
Does pre-approval hurt my credit score?
Yes, pre-approval requires a hard credit inquiry, which may lower your score by 5-10 points temporarily. However, multiple mortgage inquiries within 45 days count as a single inquiry, so shop around!
Can I get pre-approved with no money down?
Yes! VA loans (for veterans) and USDA loans (for rural areas) offer 0% down payment options. You can get pre-approved for these programs if you meet the eligibility requirements.
What if I get denied for pre-approval?
Don't panic! Ask the lender why you were denied and what you can do to improve. Common issues include low credit score, high DTI, or insufficient income documentation. You may qualify with a different loan type or lender.
Should I get pre-approved before looking at houses?
Absolutely! Pre-approval tells you exactly how much you can afford, saves time by focusing on homes in your budget, and makes your offers more competitive. Most real estate agents won't show homes without a pre-approval letter.
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Sarah Mitchell
Senior Mortgage Analyst • 12+ Years Experience
Sarah has helped thousands of first-time buyers navigate the pre-approval process. She specializes in FHA and VA loans and is passionate about making homeownership accessible to everyone.