Buying
Understanding Mortgage Pre-Approval
Pre-approval is a lender's documented review of your credit, income and assets that estimates how much you may be able to borrow. It is stronger than pre-qualification, but it is not a final loan commitment.
Pre-qualification vs. pre-approval
Pre-qualification is an informal estimate based on information you share. Pre-approval involves reviewing actual documentation and a credit report, which is why sellers take it more seriously.
What you'll typically provide
Recent pay stubs, W-2s or tax returns, bank or asset statements, and authorization to review credit. Self-employed borrowers may provide business returns or bank statements instead.
How long it lasts
Pre-approvals are time-limited because credit and income documentation age. If your search takes a while, expect to refresh documents. Final approval still depends on the property, appraisal and underwriting.
Have a question about your situation?
General guidance only goes so far. Vicky will review your specifics and give you a straight answer.
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