Get Pre-approved

The best time to get pre-approved is right before you start actively shopping for homes, or roughly 60 to 90 days before you plan to write an offer. If you are a few months away from buying and want a loose estimate of your budget without a credit check, you can start with a mortgage pre-qualification instead.

A mortgage pre-approval typically takes less than 24 hours to process, provided you have all your financial documentation organized and ready for the lender. If your financial file is complex (e.g., you are self-employed), it may take a few business days.

To get pre-approved, you must give your lender a complete look at your financial health. Be prepared to provide the following documents:

Proof of Income: W-2 statements from the past two years and your two most recent pay stubs.
Tax Documents: Federal tax returns from the past two years.
Proof of Assets: Bank statements and investment account histories from the past two to three months.
Housing History: Rental payment history or your current lease agreement.
Special Documentation: If applicable, bring bankruptcy discharge papers, divorce decrees, or gift letters if a relative is helping with your down payment.

Yes, a mortgage pre-approval requires a hard credit inquiry, which can temporarily lower your credit score by a few points. Hard inquiries usually impact your score for one year and stay on your report for two.

Credit bureaus give buyers a 14 to 45-day window to shop around. Any mortgage credit pulls made within this window are consolidated and treated as a single inquiry, protecting your score while you compare lenders.

A mortgage pre-approval letter is usually valid for 30 to 90 days, depending on the lender. Because interest rates fluctuate and your personal financial situation can change, these letters come with an expiration date. If your letter expires before you find a house, your lender can easily update it by pulling your most recent pay stubs and bank statements.

Yes, you can and should get pre-approved by multiple mortgage lenders. Comparing loan estimates from at least three different lenders ensures you secure the lowest interest rate and the best loan terms, which can save you thousands of dollars over the life of your home loan.

The exact amount you qualify for depends on several key financial metrics evaluated by your lender:

Debt-to-Income (DTI) Ratio: The percentage of your gross monthly income that goes toward paying debts.
Credit Score: Higher scores unlock larger loan amounts and lower interest rates.
Down Payment Size: The amount of cash you are putting down affects your loan-to-value (LTV) ratio.
Employment Stability: Lenders generally prefer a steady two-year history in the same industry.

If you don't get pre-approved, your first step is to ask the lender for a specific explanation. Lenders are required to tell you why your application was denied. Common fixes include:

-Taking time to pay down existing debts to lower your DTI ratio.
-Reviewing your credit report to fix errors and raise your score.
-Saving more cash to cover your down payment and closing costs.
-Establishing a longer, continuous employment history.