How do you get pre-approved for a mortgage?

A mortgage pre-approval is different from a pre-qualification. Pre-qualification is a rough estimate based on self-reported numbers; pre-approval involves a lender pulling your credit and verifying your income and assets with actual documentation. The result is a conditional commitment letter stating the maximum loan amount you qualify for at the time of review. Most sellers and their agents expect a pre-approval letter before accepting an offer in competitive markets.

What lenders review during pre-approval

• Credit report and score — lenders pull all three bureaus (Equifax, Experian, TransUnion) and typically use the middle score for conventional loans.
• Income documentation — recent pay stubs (30 days), W-2s or 1099s (2 years), and federal tax returns (2 years) for self-employed borrowers.
• Asset statements — 2-3 months of bank, investment, and retirement account statements to verify down payment funds and reserves.
• Employment verification — lenders confirm current employer and may call your HR department close to closing.
• Debt obligations — all monthly minimum payments (student loans, auto loans, credit cards) factor into your debt-to-income ratio.

The pre-approval process, step by step

Start by gathering your documents before contacting lenders — having pay stubs, tax returns, and bank statements ready speeds the process significantly. Apply with at least two or three lenders within a short window: FICO rate-shopping rules treat multiple mortgage inquiries within 14-45 days as a single credit pull, minimizing the score impact. Each lender will issue a Loan Estimate within three business days of receiving your application, allowing you to compare rates, fees, and terms directly. The CFPB's mortgage process guide walks through every stage from pre-approval through closing.

How long pre-approval lasts and what can change it

Most pre-approval letters are valid for 60-90 days. If you don't find a home within that window, you'll typically need to refresh the documentation. Importantly, pre-approval is conditional — a job change, a new debt, a large deposit with no explanation, or a drop in credit score between pre-approval and closing can affect your final loan terms or approval status. Avoid opening new credit accounts, making large purchases, or changing jobs after receiving your letter. The CFPB's home-buying resources explain how lenders verify your financial picture again right before closing.