Pre-qualification generally provides an initial estimate of what you may be able to borrow based on information you provide. Pre-approval typically involves a more detailed review of your mortgage application and supporting documentation.

We may review your income, employment, assets, debts, and credit history to evaluate your potential eligibility and identify loan options that may fit your needs.

Your credit history and financial situation can affect your available options. Learn more in our Credit Score Overview and explore our available Loan Programs.

A pre-approval letter can help demonstrate to sellers that you’ve taken steps toward mortgage financing. However, pre-approval is not a guarantee of final loan approval.

Supporting documentation helps us verify the information in your application and evaluate your eligibility. Depending on your circumstances and loan program, we may request:

• Recent pay stubs and other income documentation.
• W-2s, tax returns, or additional records when applicable.
• Bank statements and documentation of available assets.
• Information about existing debts and financial obligations.
• Identification and other documents needed for your application.

The exact requirements vary based on your employment, income sources, assets, and loan program. Review our Mortgage Document Checklist to learn more about the paperwork you may need.

It’s also helpful to understand which financial changes could affect your application. Our Do’s and Don’ts of Mortgage Financing explains what to discuss with us before making significant changes to your finances.

Getting pre-approved can help you understand your potential borrowing range, plan your homebuying budget, and identify documentation needs early in the process.

A pre-approval letter may also strengthen your offer by showing a seller that a lender has reviewed your financial information. Sellers and real estate agents may request one before considering an offer, particularly in competitive markets.

Your pre-approval amount isn’t necessarily the amount you should spend. Consider your expected monthly mortgage payment and other homeownership expenses when deciding what fits your budget. Our Home Loan Basics page explains monthly payments, closing costs, and interest rates.

Pre-approval doesn’t guarantee that your offer will be accepted or that your mortgage will receive final approval. Final approval depends on verification, underwriting, the property, and applicable lending requirements.

After we review your application and supporting documentation, we’ll explain your potential loan options and let you know if additional information is needed. Processing time depends on your circumstances and how quickly we receive the required documents.

Once you’re pre-approved, you can use the approval as a guide when considering homes and preparing an offer. If your financial circumstances change or your documents become outdated, we may need updated information.

When you find a home and have an executed purchase contract, we’ll work with you through the next stages of the mortgage process, which may include an appraisal, further documentation, underwriting, and final approval.

Explore our House Hunting guide to learn about finding a home and making an offer. Our Mortgage Loan Process page explains what happens after a purchase contract is signed.

Now that you understand the process and what documents you may need, you’re ready to take the next step.

Complete our online mortgage application to share your financial information with us. We’ll review your application and guide you through the next steps toward pre-approval.

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