Your Complete Guide to Pre-Approval

If you're thinking about buying a home, one of the smartest first steps you can take is getting pre-approved for a mortgage. It not only gives you a clearer picture of what you can afford, but it also makes you a more attractive buyer in a competitive market. Here’s everything you need to know about pre-approval — what it is, why it matters, and how to get started.

What Is Pre-Approval?

A mortgage pre-approval is a written statement from a lender indicating how much money you're qualified to borrow to purchase a home. It’s based on your income, credit history, assets, debts, and employment.

It’s important to note: pre-approval is not a guarantee of a loan — but it’s a strong signal that you're financially ready and serious about buying.

Why Pre-Approval Matters

• Shows Sellers You’re Serious: In competitive markets, many sellers won’t even consider offers from buyers who aren’t pre-approved.

• Helps You Set a Budget: You’ll know exactly what price range to focus on, helping you avoid disappointment or overextending yourself.

• Strengthens Your Offer: A pre-approved buyer is often more appealing than a higher offer from someone who hasn’t spoken to a lender yet.

What You’ll Need for Pre-Approval

To get pre-approved, most lenders will ask for:

• Recent pay stubs or proof of income

• Tax returns (typically past 2 years)

• Bank statements and details of your assets

• Information about your debts (credit cards, loans, etc.)

• A valid ID and Social Security Number

• Credit check authorization

How Long Does It Take?

Pre-approval can usually be completed within 24–72 hours once you’ve submitted all required documents. Some online lenders offer same-day responses, while more thorough reviews might take a few days.

How Long Is It Good For?

Most pre-approval letters are valid for 60 to 90 days, though this can vary by lender. If you don’t find a home within that time frame, you may need to update your paperwork.

Pro Tips

• Don’t open new credit accounts or take on big debts while you're home shopping — it can affect your pre-approval.

• Shop around — getting pre-approved with multiple lenders can help you compare rates and loan options.

• Keep in touch with your agent and lender during the process — they’ll help you stay on track and ready to make an offer fast.

Final Thoughts

Getting pre-approved sets the foundation for a smooth homebuying journey. It gives you clarity, confidence, and a competitive edge when it’s time to make an offer. If you're ready to take the next step or have questions about lenders in your area, I’m here to help!