Getting pre-approved for a mortgage is a critical first step in the home-buying journey. It helps you understand your budget and shows sellers you’re a serious buyer.
Common Questions About Mortgage Pre-Approval
- What is a mortgage pre-approval?
- Pre-approval is a lender’s confirmation of how much you can borrow based on your income, credit score, and other financial details.
- What documents do I need for pre-approval?
- You’ll typically need proof of income (pay stubs or tax returns), proof of down payment, ID, and permission for a credit check.
- How long does pre-approval take?
- Pre-approval can take anywhere from a few hours to a few days, depending on the complexity of your situation.
- How long is a pre-approval valid?
- Most pre-approvals are valid for 90 to 120 days, giving you time to house hunt while locking in an interest rate.
- Does pre-approval guarantee I’ll get the mortgage?
- No, final approval depends on the property, your financial situation at the time, and any changes in interest rates or lending criteria.
We’ll make the pre-approval process smooth and straightforward, so you can confidently move forward in your home-buying journey.
Check out our Resources (add button) here for more information on The Pre-Approval process, specifically - the 10 commandments on what NOT to do once you get pre-approved