Getting pre-approved for a mortgage isn’t just a formality—it’s your first serious step toward homeownership. It helps you understand how much house you can afford, shows sellers you mean business, and can even speed up the closing process. Here’s what you need to know.
What Is Mortgage Pre-Approval?
Mortgage pre-approval is a written estimate from a lender stating how much money you’re qualified to borrow. It’s based on a detailed review of your financial information, including income, credit score, debts, and assets. Unlike pre-qualification (which is more of a rough estimate), pre-approval carries real weight.
What Documents Will You Need?
To get pre-approved, you’ll typically need to provide:
- Pay stubs from the past 30 days
- W-2s or tax returns from the last two years
- Recent bank statements
- Credit check authorization
- Information on any other assets or debts
Why Is Pre-Approval So Important?
- You’ll Know Your Budget: No more guessing—you’ll house-hunt with confidence.
- You’ll Be Taken Seriously: Sellers and agents see you as a ready buyer.
- You’ll Move Faster: Since much of the paperwork is already done, closing can be quicker.
- You’ll Spot Issues Early: You can fix credit or paperwork problems before they cause delays.
What Happens After Pre-Approval?
Once approved, you’ll receive a letter from your lender showing how much you’re qualified to borrow. This letter is usually valid for 60–90 days and can be refreshed if your situation changes.
Final Thoughts
Mortgage pre-approval is a simple step that can save time, reduce stress, and give you a competitive edge in today’s market. Ready to start the process? Our team at Evolution Mortgage is here to help—every step of the way.
