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What's Mortgage Pre-Approval, Really?

Jul 1, 2025
5 min read
By Clint Graves
What's Mortgage Pre-Approval, Really?

What's Mortgage Pre-Approval, Really?

Pre-approval is your ticket to serious home shopping. It's a lender's conditional commitment to loan you a specific amount based on verified information.

Pre-Approval vs. Pre-Qualification

Pre-Qualification

  • Based on stated information
  • No document verification
  • Quick estimate only
  • Less weight with sellers

    • Pre-Approval

  • Verified documentation required
  • Credit report pulled
  • Conditional commitment
  • Strong negotiating tool

    • The Pre-Approval Process

    Required Documents

  • Recent pay stubs
  • W-2s and tax returns
  • Bank statements
  • Employment verification
  • Asset documentation

    • Timeline

  • Application: 30 minutes
  • Document gathering: 1-3 days
  • Lender review: 1-2 days
  • Pre-approval letter: 24 hours

    • Using Your Pre-Approval

    Benefits

  • Know exact budget
  • Stronger offers
  • Faster closing
  • Better negotiating position

    • Limitations

  • Not final approval
  • Usually expires in 60-90 days
  • Conditions must be met
  • Property must qualify

    • Remember: Pre-approval is step one in a successful home purchase.

    About the Author

    CG

    Clint Graves

    Senior Loan Officer specializing in mortgage pre-approvals

    Tags

    #pre-approval#mortgage process#home buying#loan qualification

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