Mortgage Pre-Approval Checklist: How to Get Pre-Approved in 2026

If you're serious about buying a home, mortgage pre-approval is your first real step. It tells you exactly how much you can borrow, gives sellers confidence in your offer, and identifies potential issues before they become deal-breakers.

Pre-approval is different from pre-qualification — and that difference matters. This checklist walks you through everything you need to get fully pre-approved and ready to make competitive offers.

Pre-Qualification vs. Pre-Approval: Why It Matters

Pre-Qualification

• Based on self-reported financial information
• No document verification
• Soft credit pull (or no credit pull)
• Takes minutes
• Provides a rough estimate of borrowing power
• Carries little weight with sellers

Pre-Approval

• Based on verified financial [documentation](/blog/heloc-documentation-requirements)
• Hard credit pull
• Underwriter reviews your file (in some cases)
• Takes one to three days
• Provides a specific loan amount, rate, and terms
• Significantly strengthens your offer

Verified Pre-Approval (or Underwritten Pre-Approval)

Some lenders now offer an even stronger version:

• Full underwriting completed before you find a property
• Only the [property appraisal](/blog/appraisal-process-explained) remains
• Essentially a conditional approval pending the property
• The strongest possible position as a buyer

In competitive markets, a verified pre-approval can be the difference between winning and losing a bidding war.

Before You Apply: Pre-Checklist

Check Your Credit

1. Pull free reports from AnnualCreditReport.com (all three bureaus)
2. Review for errors — dispute any inaccuracies immediately
3. Check your FICO score — remember, mortgage scores may differ from free scores
4. Know your tier — our [[credit score tiers](/blog/credit-score-ranges-explained) guide](/blog/mortgage-credit-score-tiers) explains how your score affects rates and options

Assess Your Financial Position

1. Calculate your [debt-to-income ratio](/blog/dti-ratio-explained) — add up all monthly debt payments, divide by gross monthly income
   • Front-end DTI (housing costs only): aim for under 28%
   • Back-end DTI (all debts): aim for under 43% to 45%
2. Tally your savings — down payment + [closing costs](/blog/homebuying-closing-process) + reserves
3. Review your employment — two years of stable employment is ideal
4. Identify your down payment source — see our down payment sources guide

Quick Financial Health Check

Before applying, honestly assess:

• Are all accounts current (no late payments)?
• Is credit card utilization below 30%?
• Have you avoided opening new credit accounts recently?
• Do you have documented savings for closing?
• Has your employment been stable for at least two years?

If you answered "no" to any of these, you may want to address those items first.

Documents You'll Need

Identity

• Government-issued photo ID (driver's license or passport)
• Social Security number

Income — W-2 Employees

• Last two years of W-2 forms
• Most recent 30 days of pay stubs
• Two years of federal tax returns (all pages and schedules)
• Employer contact information for verification

Income — Self-Employed

• Two years of personal and business tax returns
• Year-to-date profit and loss statement (preferably CPA-prepared)
• Business license
• 1099 forms from clients

If you're a freelancer or gig worker, check our specialized guides: [[mortgage for freelancers](/blog/mortgage-for-freelancers)](/blog/mortgage-for-freelancers) and [[mortgage for gig workers](/blog/mortgage-for-gig-workers)](/blog/mortgage-for-gig-workers).

Income — Other Sources

For any additional income you want to count toward qualification:

• Rental income: lease agreements, Schedule E
• Alimony/child support: court order, 12 months of deposit proof
• Social Security/disability: award letter, bank statements
• Investment/dividend income: brokerage statements
• Pension/retirement: distribution statements

Assets

• Two to three months of bank statements (all accounts, all pages)
• Investment account statements
• Retirement account statements (401k, IRA)
• Gift letter and documentation (if applicable)

Debts

• Current statements for all debts (car loans, student loans, credit cards)
• Mortgage statement (if you currently own)
• Child support/alimony court orders (if applicable)

Housing History

• Current landlord's name and contact information
• 12 months of rent payment proof (for first-time buyers or renters)
• Current mortgage statement (if you own)

Special Situations

• Divorce: Final decree, property settlement agreement
• Bankruptcy: Discharge papers, all schedules
• Previous foreclosure or short sale: Documentation and timeline
• Green card/visa holders: Immigration documentation, work authorization

The Pre-Approval Process: Step by Step

Step 1: Choose Your Lender(s)

Apply with at least two to three lenders to compare. Remember, multiple mortgage inquiries within 14 to 45 days count as one credit hit. Options include:

• Your current bank
• An online lender
• A mortgage broker
• A local credit union

Use our [[mortgage lender comparison](/blog/mortgage-lender-comparison-guide) guide](/blog/mortgage-lender-comparison-guide) to evaluate options.

Step 2: Submit Your Application

Most lenders use a standardized application (Uniform Residential Loan Application, Form 1003). You'll provide:

• Personal information (name, SSN, DOB, address history)
• Employment information (current and two-year history)
• Income details
• Asset information
• Liability information
• Property information (type, intended use — you can estimate at this stage)
• Declarations (lawsuits, bankruptcies, citizenship status)

Step 3: Upload Documentation

Provide all documents from the checklist above through the lender's secure portal. Tips:

• Upload as clear PDFs
• Include all pages (even blank ones)
• Label files clearly
• Don't email sensitive documents — use the secure portal

Step 4: Credit Check

The lender pulls your tri-merge credit report. They'll see:

• All three bureau scores
• Payment history
• Outstanding debts
• Credit inquiries
• Public records (bankruptcies, liens, judgments)

Step 5: Review and Conditions

The lender (or their underwriter) reviews everything and either:

• Issues a pre-approval letter with a specified loan amount
• Requests additional documentation (conditions) before approving
• Declines the pre-approval with reasons. If this happens, see our guide on what to do if your mortgage is denied

Step 6: Receive Your Pre-Approval Letter

A pre-approval letter typically includes:

• Maximum loan amount approved
• Loan program (conventional, FHA, VA, etc.)
• Interest rate range (may or may not lock)
• Expiration date (usually 60 to 90 days)
• Conditions (items needed before final approval)

What Pre-Approval Does NOT Guarantee

Important caveats:

• Pre-approval is not final approval — the property must still appraise and meet program requirements
• Your financial situation must remain stable — no new debts, no job changes
• The lender will re-verify your employment and credit before closing
• Interest rates may change between pre-approval and rate lock
• The property you choose may not qualify for the loan program

How to Strengthen Your Pre-Approval

Before Applying

1. Pay down credit card balances — lower utilization boosts your score and reduces DTI
2. Don't open new accounts — hard inquiries and new debt hurt
3. Save more for reserves — lenders love seeing money left after down payment and closing costs
4. Stay at your current job — stability matters
5. Document everything — large deposits, gifts, unusual transactions

During the Process

1. Respond quickly to lender requests — delays lose deals
2. Don't make major purchases — that new car can tank your DTI
3. Don't move money around — keep funds stable and traceable
4. Don't co-sign for anyone — adds debt to your profile
5. Don't change banks — keep everything consistent

How Long Does Pre-Approval Take?

• Online pre-qualification: Minutes
• Standard pre-approval: 1 to 3 business days
• Verified/underwritten pre-approval: 3 to 10 business days

Speed depends on:

• How quickly you provide documentation
• The lender's processing volume
• Complexity of your financial situation

How Long Does Pre-Approval Last?

Most pre-approval letters expire in 60 to 90 days. After expiration:

• You may need to update documentation (new pay stubs, bank statements)
• The lender may re-pull credit
• Your rate may change
• Renewal is usually straightforward if your financial situation hasn't changed

Pre-Approval for Different Loan Types

Conventional Pre-Approval

• Credit score 620+ (680+ preferred)
• DTI below 45% to 50%
• 3% to 20%+ down payment documented
• Two years stable employment

FHA Pre-Approval

• Credit score 580+ (500+ with 10% down)
• DTI up to 57% possible
• 3.5% down payment documented
• Two years stable employment

VA Pre-Approval

• Must have Certificate of Eligibility (COE)
• No minimum credit score (lender minimums vary, typically 580-620)
• Zero down payment
• DTI evaluated but more flexible

Jumbo Pre-Approval

• Credit score 700+ (720+ preferred)
• DTI below 43%
• 10% to 20%+ down payment
• Significant reserves (6-12 months)
• More extensive documentation

Using Your Pre-Approval to Win Offers

In competitive markets, your pre-approval is a weapon:

1. Include the pre-approval letter with your offer — shows the seller you're qualified
2. Get pre-approved for slightly more than your target price — gives negotiating room
3. Ask your lender for a customized letter per offer — showing the exact purchase price, not your maximum
4. Upgrade to verified pre-approval if your market is highly competitive
5. Have your lender available for the listing agent to call and verify

Common Pre-Approval Mistakes

1. Only getting pre-qualified and thinking it's the same thing
2. Applying with only one lender — missing better rates and terms
3. Not disclosing all debts — surprises during underwriting cause denials
4. Waiting until you've found a house — getting pre-approved takes time; do it first
5. Letting pre-approval expire without renewal
6. Changing financial situation after pre-approval (new debt, job change, large purchases)

Final Thoughts

Mortgage pre-approval is the foundation of a successful home purchase. It tells you what you can afford, shows sellers you're serious, and catches potential problems early.

Start by gathering your documents using this checklist, compare lenders using our lender comparison guide, and submit your applications within a tight timeframe to protect your credit score.

The best time to get pre-approved is before you fall in love with a house — not after.

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