Mortgage pre-approval: what to expect
The documents, decisions and questions that turn a quick estimate into a useful homebuying plan.
What a pre-approval reviews
A meaningful pre-approval considers credit, income, assets, debts, occupancy, property type and the loan program. It is still conditional and not a final loan approval.
Documents to gather
Most borrowers should be ready with recent income documents, bank or investment statements, identification and information about current housing and debts. Self-employed and investor borrowers often need additional business or property records.
Why early is better
Beginning before you make an offer creates time to correct documentation, explain deposits, evaluate credit decisions and compare programs without a contract deadline.
What your agent needs
Your real estate agent needs a realistic price and payment range, the financing type, down-payment assumptions and a reliable lender contact who can respond when an offer is being prepared.