How to Get Preapproved for a Mortgage
Getting preapproved is one of the smartest first steps in your homebuying journey. It tells you exactly how much you can borrow and shows sellers you’re a qualified, serious buyer.
Pre-Qualification vs. Pre-Approval
Pre-qualification is a quick estimate based on self-reported financial information. It takes just a few minutes but doesn’t carry the same weight as a pre-approval.
Pre-approval involves a thorough review of your finances — income, assets, debts, and credit. Your lender verifies everything and issues a formal letter stating your approved loan amount.
Documents You’ll Need
Recent pay stubs (last 30 days) and W-2s or 1099s (last 2 years). Federal tax returns (last 2 years). Bank statements (last 2 months). Photo ID and Social Security number. If self-employed, you may also need profit/loss statements and business tax returns.
What Lenders Evaluate
Credit score — Higher scores qualify for better rates. Most programs require at least 580-620.
Debt-to-income ratio — Your monthly debt payments divided by gross monthly income. Most lenders prefer 43% or below.
Employment stability — Lenders look for consistent employment, typically two years in the same field.
Down payment and reserves — Your savings for the down payment plus additional reserves for emergencies.
Get Started with QuickFund
Our pre-qualification takes just 60 seconds with no credit check. When you’re ready for a full pre-approval, our team walks you through every step. Start your journey today.