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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: sturti/Getty Images August 22, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. This article was generated using automation technology and thoroughly edited and fact-checked by an editor on our editorial staff. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Jeffrey L. Beal, president of Real Estate Solutions, has 40 years' experience in multiple phases of the real estate industry. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
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We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Before you set out to find a home, you need to know and that you’re able to get a mortgage to make it happen. To do that, you need a mortgage lender to preapprove you for the loan. Here’s a checklist of what you need to get a mortgage . Documents for mortgage preapproval
Employment and income
The following information is needed for all borrowers signing the loan: Pay stubs from at least the past 30 days Tax returns (including W-2s) from the past two years Bank statements from the past two months to three months – Checking, savings, money market accounts Employment information – Contact information of employers in the past two years (some employers have an employment verification phone number lenders can call) Business records if Other income sources – Bonuses, child and/or spousal support, disability or VA benefits, pension, Social Security or other sources Assets
Account statements from the past two months to three months – 401(k)s and/or IRAs, CDs, mutual funds or other investment or retirement vehicles if applicable Information on other real estate if you have multiple properties Debts
Loan statements from the past 60 days – Auto loans, credit cards, personal loans, student loans Credit history
Credit reports and scores retrieved by the lender lender with your authorization Rental history – Contact information for landlords and proof of rent payments, such as canceled checks or paid receipts Identification
Driver’s license, Social Security card or other form of ID Recent residences and tenure at each Mortgage preapproval FAQ
How long does it take to get preapproved
If you’re prepared with all of your documents and eligible for the loan, many mortgage lenders can issue a same-day preapproval, or at most within a few days.
Does a preapproval expire
A mortgage preapproval typically expires after 90 days. Some lenders have shorter windows of 30 days or 60 days, and others longer, up to 120 days. If you chose to , this usually aligns with your rate-lock period. If you haven’t found a home within that time frame, it’s possible to easily get a new preapproval, provided your credit and financial picture hasn’t changed since you first got preapproved.
How does a preapproval affect my credit
Your credit score could drop slightly when you get preapproved because the mortgage lender checks your credit report. This decrease is only temporary. If you’re obtaining preapprovals from more than one lender, you can limit the impact to your score by getting them all within a 45-day window.
What is preapproval vs prequalification
A can help give you an idea of your homebuying budget based on basic information you provide, and it might or might not involve a credit pull. A prequalification isn’t an indication that the lender is prepared to provide you with financing, however, so it won’t be useful when you make an offer on a home. A preapproval, on the other hand, means that the lender has done a preliminary evaluation of your finances and is willing to give you a loan for a certain amount. Still, a preapproval is not a firm commitment. The loan won’t be cleared to close until the home appraises and the lender satisfactorily completes underwriting.
Why do you need a preapproval
When you make an offer on a home, you need to include a preapproval letter from a mortgage lender to show the seller you’re a legitimate buyer with financing. A preapproval also helps save time when you’re ready to formally apply for the loan, because much of the information-gathering has already been completed. That’s why it’s best to only get a preapproval from the lender (or lenders) you ultimately want to work with. SHARE: This article was generated using automation technology and thoroughly edited and fact-checked by an editor on our editorial staff. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Jeffrey L. Beal, president of Real Estate Solutions, has 40 years' experience in multiple phases of the real estate industry. Related Articles