Get Pre-Approved Today!

Mortgage pre-approval is a process where a lender evaluates your financial situation and determines the maximum loan amount you qualify for before you start house hunting.

Pre-approval strengthens your buying position, helps you understand your budget, and demonstrates to sellers that you're a serious buyer.

Common documents include proof of income, tax returns, W-2 forms, recent bank statements, and identification.

Depending on the lender and your financial situation, pre-approval can take anywhere from a few hours to a couple of days.

Pre-approvals are typically valid for 60 to 90 days, depending on the lender.

While you can, having a pre-approval gives you an advantage over buyers without one, as it shows you're financially ready to proceed.

You should notify your lender immediately. Changes in your income, debts, or credit score may affect your pre-approval status.

No, pre-approval is an estimate. Final loan approval happens after you select a property and complete the full underwriting process.

Pre-qualification is an informal estimate based on self-reported financial information, while pre-approval involves a more thorough evaluation and verification of your financial documents.

You can get pre-approved for various loan types, including conventional, FHA, VA, and USDA loans, depending on your eligibility.

The down payment requirement depends on the loan type. Conventional loans typically require 3-20%, while FHA loans may require as little as 3.5%.

DTI measures your monthly debt payments relative to your income. Lenders use this to assess your ability to manage mortgage payments.

Yes, you're not obligated to stick with the lender who provided pre-approval. You can continue shopping for better terms.

Typically, yes. Each lender will perform their own assessment of your financial situation.

Absolutely. Many lenders have specific programs to assist first-time buyers.

There are no penalties for not proceeding with a mortgage after pre-approval. However, your pre-approval will eventually expire.

A co-borrower’s income, credit score, and debt are also evaluated, potentially increasing your borrowing power.