How do I get pre-approved for a mortgage?
What would you like to do?
About 2 minutes. No credit check, and no Social Security number.
The short answer
Share your income, assets, and debts, and let a lender review your credit and documents. That review is what turns a guess into a pre-approval letter sellers take seriously. At The Mortgage Advisory (NMLS #1549739), licensed in California, Texas, Florida, and Colorado, you start with a 2-minute quiz, then an advisor reviews your documents and gives you a pre-approval you can count on.
What's the difference between pre-qualification and pre-approval?
A pre-qualification is an estimate based on what you tell us. A pre-approval is based on what we verify. Sellers and their agents know the difference.
| Pre-qualification | Pre-approval | |
|---|---|---|
| Based on | What you tell us | Your credit report and documents |
| Credit check | No | Yes |
| Time | Minutes | Often 1 to 3 business days once your documents are in |
| Weight with sellers | Low | Much higher |
What documents do I need to get pre-approved?
- Income: pay stubs for the last 30 days and W-2s for the last 2 years. Self-employed: 2 years of tax returns, or 12 to 24 months of bank statements for a bank statement loan.
- Assets: the last 2 months of bank and investment statements, every page.
- Down payment gift: a signed gift letter, if family is helping. See how gift funds work.
- Veterans: your DD-214 or Statement of Service. We can usually pull your Certificate of Eligibility for you.
- ID: a government photo ID.
Does getting pre-approved hurt my credit?
A pre-approval uses a credit check, which can lower your score by a few points for a short time. Shopping several mortgage lenders within a short window (14 to 45 days, depending on the scoring model) generally counts as a single inquiry, so comparing lenders won't hurt you more. The quiz on this page doesn't check your credit at all.
How long is a pre-approval good for?
Usually 60 to 90 days, because credit reports and pay stubs get stale. If your search runs longer, we update it with fresh documents. Shopping for a while? Get pre-approved when you're within a few months of making offers.
What can hurt my pre-approval before closing?
- Opening new credit or financing a car or furniture
- Changing jobs, or going from a paycheck to self-employed
- Large cash deposits you can't document
- Missing a payment on anything
- Co-signing a loan for someone else
How much house will I be pre-approved for?
Lenders look at your gross income, your monthly debts, your credit, and your down payment. A common starting point is keeping your total house payment around 28% to 31% of your gross monthly income. Many programs approve more than that, which is why we show you both numbers. See how much house you can afford.
Example scenario (illustrative)
A first-time buyer in Fort Worth takes the quiz on a Sunday night: W-2 income, a 690 score, $18,000 saved. Her snapshot shows FHA and a conventional 3%-down loan as options, plus her document checklist. She uploads pay stubs and bank statements on Monday, and by Wednesday she has a pre-approval letter and a payment she's comfortable with, not just the maximum.
Our take
Get a real pre-approval, not a quick pre-qual, before you fall in love with a house. When we review your income and assets upfront, your offer is stronger and there are fewer surprises in escrow. And shop by payment: the pre-approval is the ceiling, not the target.
Questions people ask
Ace Ausar, Mortgage Banker · NMLS #1143018
The Mortgage Advisory, Inc. · NMLS #1549739
Reviewed by Ace Ausar, NMLS #1143018 · Updated
Ready for a real pre-approval?
Book a call with an advisor. We'll review your documents and show you what you qualify for and what you're comfortable with.