Mortgage Pre-Approval: How It Works

What a pre-approval actually proves, the documents behind it, and how to get your letter in about 24 hours.

The short answer

Pre-approval is a lender's written statement that it reviewed your credit, income and assets and is prepared to lend you a specific amount. It usually takes about 24 hours once your documents are in, lasts 60 to 90 days, and is what listing agents look for before taking an offer seriously. A pre-qualification is only an estimate based on what you tell the lender.

Pre-qualification vs pre-approval vs underwritten approval

Pre-qualification

An estimate based on numbers you state. Fast, but sellers give it little weight.

Pre-approval

A lender reviews your credit, income and assets and issues a letter for a specific amount.

Underwritten approval

A full underwriter review before you have a property — the strongest offer you can make short of cash.

How to get pre-approved, step by step

  • 1 Get a quote first See a real rate and payment range with no SSN and no credit pull, so you know your comfort zone.

    • Get a quote first

    See a real rate and payment range with no SSN and no credit pull, so you know your comfort zone.

  • 2 Submit the application A short secure application plus authorization for the credit check.

    • Submit the application

    A short secure application plus authorization for the credit check.

  • 3 Upload documents Income, asset and identity documents — usually the same day you apply.

    • Upload documents

    Income, asset and identity documents — usually the same day you apply.

  • 4 Receive your letter Most pre-approval letters are issued within 24 hours of a complete file.

    • Receive your letter

    Most pre-approval letters are issued within 24 hours of a complete file.

    Documents you will need

  • Last 30 days of pay stubs
  • Two years of W-2s (and tax returns if self-employed)
  • Two months of statements for every account funding your down payment
  • Photo ID
  • Award letters for retirement, disability or other non-employment income
  • Gift letter if a family member is helping with the down payment

    • What to avoid after you are pre-approved

  • Opening new credit cards, auto loans or store financing
  • Changing jobs or switching from salary to commission
  • Making large deposits you cannot document
  • Closing old accounts or paying off collections without guidance

    • Mortgage pre-approval questions

    How long does mortgage pre-approval take?

    With complete documents, most pre-approval letters are issued within 24 hours. A fully underwritten approval takes a few business days because a live underwriter reviews the whole file.

    Does pre-approval hurt your credit score?

    A mortgage credit check is a hard inquiry and typically costs a few points. Multiple mortgage inquiries inside a short shopping window are treated as a single inquiry by the major scoring models.

    How long is a pre-approval letter good for?

    Usually 60 to 90 days. Credit reports and pay stubs age out, so the letter is refreshed with updated documents if your search takes longer.

    What credit score do I need to get pre-approved?

    620 is the common conventional minimum and 580 for FHA with 3.5% down. VA has no federal minimum, though most lenders look for 580 to 620.

    Can I get pre-approved without a Social Security number?

    You can get a rate quote and payment estimate from us without an SSN. A formal pre-approval requires a credit check, which does need one.

    What is the difference between pre-qualification and pre-approval?

    Pre-qualification is an estimate from information you provide. Pre-approval means a lender verified your credit, income and assets and committed to a loan amount in writing.

    What can cancel a pre-approval?

    New debt, a job or income change, large unexplained deposits, or a big drop in credit score. Keep your finances still between pre-approval and closing.

    Keep exploring

    Mortgage document checklist

    Everything lenders ask for, in one list.

    Credit score to buy a house

    Minimums by loan program and how to improve yours.

    The home buying process

    All 8 steps from home search to closing.

    First-time buyer programs

    State programs in CA, CO, TX and WA.

    Get your pre-approval started today

    Start with a quote — no SSN required — and we will take it straight through to a letter you can shop with.