📋 Table of Contents
Mortgage Pre-Approval Guide
Pre-approval involves a lender verifying your income, assets, and credit to determine how much they're willing to lend — a stronger step than pre-qualification when house hunting seriously.
Pre-Approval vs. Pre-Qualification
| Factor | Pre-Qualification | Pre-Approval |
|---|---|---|
| Verification | Self-reported, unverified | Documented and verified |
| Credit check | Sometimes soft pull | Hard credit pull |
| Strength for offers | Weaker | Stronger, more credible to sellers |
Documents You'll Need
Recent pay stubs, W-2s or tax returns, bank statements, and identification are typically required for pre-approval — gathering these in advance speeds up the process significantly.
Pre-Approval Has an Expiration
Pre-approval letters typically expire after 60-90 days — if your house hunt takes longer, you may need to refresh your documentation and get a new pre-approval letter.
Common Mistakes
Making major financial changes (new credit accounts, large purchases, job changes) after pre-approval but before closing — these can jeopardize final loan approval even after initial pre-approval.
Frequently Asked Questions
Not entirely — pre-approval is based on your financial situation at that time. Major changes before closing (new debt, job change) can affect final approval.
Typically 60-90 days — if your home search takes longer, you may need to update your documentation for a refreshed pre-approval letter.