Buying · OCT 2026
How to get pre-approved for a mortgage, and what sellers want to see
A pre-approval shows sellers a lender has checked your credit and documents. Here's what you need, how long it lasts, and how to keep it on track.
Reviewed by Trey Bolen, NMLS #937979
Before you start touring homes, someone will ask whether you're pre-approved. It's the first real step in buying a home, and it tells you and the seller how much you can borrow.
Here's what a pre-approval is, what you need to get one, what sellers want to see with your offer, and how to keep your pre-approval on track until closing.
What is a mortgage pre-approval?
A mortgage pre-approval is a lender's review of your credit, income and savings that ends with a letter saying how much it's prepared to lend, as long as nothing changes.
To get one, you complete a loan application, the lender checks your credit, and you provide documents that back up what you reported. That's what makes a pre-approval worth something to a seller: the numbers have been checked.
What do you need for a pre-approval?
Most lenders ask for recent pay stubs, your W-2s from the last two years, and recent bank statements for the accounts you'll use for your down payment and closing costs. If you're self-employed, expect to provide two years of tax returns, too.
The lender also checks your credit, with your permission. That shows your score and your monthly debt payments, which go into your debt-to-income ratio.
Does getting pre-approved hurt your credit?
A pre-approval includes a credit check, which can lower your score by a few points for a short time. Credit scoring models know people shop for a mortgage, so several mortgage credit checks within a short window, usually a few weeks, count about the same as one. That means you can compare lenders without being penalized for each one.
What about pre-qualification?
A pre-qualification is a quick estimate based on what you tell a lender, with nothing verified. You'll still see the term online, but most lenders and sellers have moved on to pre-approvals, because an estimate doesn't tell a seller much. If you're ready to shop for a home, skip straight to a pre-approval.
What do sellers want to see with your offer?
Most sellers want a pre-approval letter with your offer. It tells them a lender has looked at your finances and the deal is likely to close.
Sellers also want to know you can cover your down payment and closing costs. They usually don't ask for your bank statements. Instead, they look for a pre-approval that confirms the lender has already verified you have the funds to close. And they pay attention to how responsive your lender is, because a lender that answers questions quickly gives the seller's agent confidence.
Is a pre-approval a guarantee?
No. A pre-approval is conditional. After you're under contract, the home is appraised, the title is checked, and your income, credit and savings are verified again before closing.
Most pre-approvals that fall apart do so because something changed: a new car loan, a job change, a late payment, or a big unexplained deposit. If your situation stays the same, a solid pre-approval usually holds up.
How long does a pre-approval last?
It depends on the lender, but most pre-approvals are good for a few months, because your credit report and documents need to be recent. If yours expires before you find a home, the lender can usually update it with new pay stubs and bank statements.
What should you avoid after you're pre-approved?
Keep your finances steady until you close. Don't open new credit cards or loans, finance furniture or a car, or co-sign for anyone. Avoid changing jobs if you can, and tell your Mortgage Advisor right away if something changes.
Large deposits that aren't from your paycheck may need a paper trail, so keep records if a family member gives you money toward the down payment. When in doubt, ask before you make a move.
Quick answers
- What do I need to get pre-approved for a mortgage?
- Usually recent pay stubs, two years of W-2s, recent bank statements, and a credit check. Self-employed buyers also provide two years of tax returns.
- Is pre-qualified the same as pre-approved?
- No. A pre-qualification is an unverified estimate. A pre-approval means the lender has checked your credit and documents, and it's what sellers expect.
- Does a pre-approval affect my credit score?
- It includes a credit check, which can lower your score slightly for a short time. Several mortgage credit checks within a few weeks count about the same as one.
- How long is a mortgage pre-approval good for?
- Usually a few months, depending on the lender. It can often be updated with new documents if it expires.
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