Get Pre-Approved for a Mortgage

Mortgage pre-approval is an evaluation by a mortgage provider of financial and credit information to determine whether you may qualify for financing and, if so, the general amount or terms that may be available. It is not the same as final mortgage approval.

No. A pre-approval is not a guarantee that a mortgage will ultimately be approved. Final approval can depend on additional underwriting, verification of financial information, the property, appraisal requirements, loan program requirements, and other lender conditions.

The credit inquiry used during the mortgage process can vary by provider and by the stage of the application. Review the participating provider's disclosures before authorizing a credit check so you understand what type of inquiry may be performed.

Mortgage providers commonly evaluate information such as income, employment, assets, debts, credit history, intended down payment, and details about the planned home purchase. Specific documentation and requirements vary by provider and loan program.

Not necessarily. The terms can be used differently by mortgage providers, but prequalification is often an earlier estimate based on information you provide, while pre-approval may involve a more detailed review of your finances and credit.

The validity period varies by mortgage provider and circumstances. If enough time passes or your finances change, updated credit, income, asset, or other documentation may be required.