Mortgage Pre‑Approval Checklist: Everything You Need to Get Started

Want to buy a home faster and with more confidence? Start with a mortgage pre‑approval. Over 85% of homebuyers who get pre‑approved feel more prepared to make an offer—and sellers take them more seriously.

If you're thinking about buying a home, getting pre‑approved isn't optional. It's your first real step toward homeownership.

In this guide, we'll walk you through everything you need for a mortgage pre‑approval—with simple explanations, tips, and a downloadable checklist to stay organized.

What Is Mortgage Pre‑Approval?

A mortgage pre‑approval is a lender's written estimate of how much they’re willing to lend you. It’s based on:

Your income
Your credit score
Your debt
Your assets

Unlike pre‑qualification (which is a quick, informal estimate), pre‑approval involves documentation and a hard credit check.

✅ Pro Tip: Pre‑approval letters are usually valid for 60–90 days, so don’t apply too early.

Why Pre‑Approval Matters

Here’s why getting pre‑approved is a must:

1. Sets Your Budget

You’ll know exactly what you can afford, which helps narrow down your home search.

2. Makes You Competitive

Sellers often prefer buyers with pre‑approval—it shows you're serious and financially ready.

💡 Stat: In competitive markets, over 70% of accepted offers come from pre‑approved buyers.

3. Uncovers Issues Early

You’ll find out about potential credit or debt issues before you fall in love with a home.

The Complete Mortgage Pre‑Approval Checklist

Ready to apply? Here's what you’ll need:

✅ 1. Proof of Identity

Lenders need to verify who you are. Bring:

Government-issued photo ID (passport or driver's license)
Social Security number (for U.S.) or national ID number

✅ Tip: Make sure your name matches across all documents—especially if you've changed names recently.

✅ 2. Proof of Income

To prove you can repay the loan, provide:

Recent pay stubs (last 30 days)
W‑2 forms (last 2 years)
Tax returns (last 2 years)
Bonus or overtime documentation (if applicable)

If you're self‑employed, you’ll also need:

Profit & loss statements
1099 forms (U.S.)
12–24 months of bank statements
Business license

💡 Pro Tip: Lenders usually want to see stable income for at least 2 years in the same field.

✅ 3. Employment Verification

You may need to submit:

Employer contact details
Signed employment verification letter

Some lenders may call your employer directly to confirm you're still working there.

✅ Tip: A recent job change isn't a dealbreaker—but you may need more documentation.

✅ 4. Proof of Assets

Assets show you have the funds for:

Down payment
Closing costs
Reserves

You’ll need:

Checking and savings account statements (2–3 months)
Retirement or investment accounts (401k, stocks, etc.)
Gift letters if someone is giving you money for the down payment

💡 Pro Tip: Large deposits in your bank account must be explained—lenders want to know where the money came from.

✅ 5. Credit Information

Lenders will pull your credit report. While you don’t need to bring your score, check it in advance so you know where you stand.

Most lenders require:

Minimum credit score of 620 for conventional loans
Higher scores (740+) get better rates

❗ Tip: Don’t open new credit cards or take out loans before applying. It can hurt your score and approval odds.

✅ 6. Debt Information

Your debt-to-income (DTI) ratio helps lenders assess risk. You’ll need to disclose:

Monthly loan payments (car, student loans, personal loans)
Credit card minimum payments
Alimony or child support payments

✅ Rule of Thumb: Most lenders prefer DTI under 43%.

✅ 7. Property Information (Optional at This Stage)

You don’t need a specific house to get pre‑approved, but if you have one in mind:

Include the address
Purchase price
Estimated property taxes and insurance

🧾 Note: These details will help your lender give a more accurate loan estimate.

✅ 8. Down Payment Source

Let your lender know how much you plan to put down and where the money is coming from:

Savings
Gift from family (requires a gift letter)
Sale of assets or another property

✅ Pro Tip: For FHA loans, you can use gifted funds—but they must be properly documented.

✅ 9. Signed Pre‑Approval Application

Finally, you’ll complete the lender’s pre‑approval application, which includes:

Consent for credit check
Personal and financial information
Loan type and terms requested

Most lenders let you complete this online, in person, or by phone.

Quick Recap: Mortgage Pre‑Approval Checklist

Category	Documents Needed
Identity	ID, Social Security or national ID number
Income	Pay stubs, W‑2s, tax returns, P&L if self‑employed
Employment	Employer contact, verification letter
Assets	Bank, retirement, investment statements, gift letters
Credit	Credit history, avoid new debt
Debts	Statements for loans, alimony, child support
Property Info (Optional)	Address, taxes, price
Down Payment	Source of funds, gift documentation if needed
Signed Application	Full lender application + consent to check credit

What Happens After You’re Pre‑Approved?

After submitting your documents, the lender will:

Review your financials
Pull your credit
Issue a pre‑approval letter with:
- Maximum loan amount
- Interest rate (if locked)
- Loan type (FHA, VA, conventional, etc.)
- Expiration date

✅ Tip: Ask for multiple pre‑approval letters with different price ranges so you can adjust offers easily when negotiating.

Common Pre‑Approval Mistakes to Avoid

❌ Don’t Change Jobs

Switching careers mid-process can delay or derail your approval.

❌ Don’t Make Big Purchases

Buying furniture, a car, or expensive electronics can lower your credit and savings.

❌ Don’t Co‑Sign for Anyone

You’ll be responsible for that loan, and it affects your DTI ratio.

❌ Don’t Deposit Unexplained Cash

Always document large cash inflows, especially if they’re not from payroll.

How Long Does Pre‑Approval Take?

If your documents are in order, you could be pre‑approved within:

1–3 business days for most online lenders
Up to a week for traditional banks

Faster pre‑approvals are possible if:

Your income is straightforward (W‑2)
You have excellent credit
You're organized

✅ Pro Tip: Uploading documents electronically can speed up the process significantly.

Should You Get Pre‑Approved by Multiple Lenders?

Yes! Shopping around gives you better rates. When multiple lenders pull your credit within a 14–45 day window, it typically counts as one inquiry.

💡 Stat: Buyers who get at least 3 quotes save an average of $3,000 over their loan’s lifetime.

Pre‑Approval vs. Pre‑Qualification

Feature	Pre‑Qualification	Pre‑Approval
Credit Check	No	Yes (hard inquiry)
Documents Needed	None	Yes (income, debts, etc.)
Accuracy	Low	High
Use in Offers	Not accepted by sellers	Widely accepted

Final Thoughts: Get Ready to Buy With Confidence

Getting pre‑approved is the best first step to take before house hunting. It helps you:

Understand your real buying power
Shop within your budget
Move quickly when you find your dream home

Have you started gathering your pre‑approval documents yet? If not, which one will you start with today?

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