Getting Pre-Approved
Know before you go.
Mortgage Pre-Approval
What does it mean to get pre-approved? Learn more below including when and how to get pre-approved for your mortgage.
About Mortgage Pre-Approval
Should I get pre-approved for a mortgage?
Pre-approval is an important step in the home buying process. If you are ready to put in an offer for your dream home, getting pre-approved (as opposed to just getting pre-qualified) is a good idea.
Benefits of Getting Pre-Approved
Set Realistic Goals
Narrow down your search and know how much house you can actually afford.
Save Time
Found your dream home? Take the next step in your loan application sooner with a pre-approval.
Identify Potential Issues
Find out early if you need to address any barriers to getting a mortgage.
Gain Competitive Advantage
If a home gets multiple offers, the buyer with a pre-approval will generally be chosen.
Pre-Approval Requirements
- Good credit score of 620 or higher
- Proof of income such as pay stubs and W2s
- Proof of assets such as bank and investment statements
- Employment verification and other documentation
Mortgage Pre-Approval FAQs
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Whatâs the difference between pre-qualification and pre-approval?
Getting pre-qualified will provide you an estimate of how much you can borrow, while a pre-approval will actually specify the loan amount youâre eligible for. One way to look at it is that pre-qualification is the first step in the loan application process while pre-approval is the next step.
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Is a credit report required for pre-approval?
Yes. Mortgage pre-approval involves taking a deeper look into your finances and credit history.
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How long does it take to get pre-approved?
It can take between 1-3 days, or up to 10 business days in some cases.
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I got my pre-approval letter. How long is it good for?
Typically, the letter will be valid between 60 to 90 days. Reverification is an option if your circumstances change (a change in your income, for example).
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