Get Pre-Approved

Pre-qualification and pre-approval: ask what was reviewed

Lenders use the terms differently. CFPB explains that either letter may reflect assumptions and neither is a guaranteed loan offer. Some lenders base a pre-qualification on information you report and reserve pre-approval for verified information; other lenders use the labels differently.

Ask what information was checked, whether a credit report may be reviewed, how long the letter is valid, and what conditions remain. A pre-approval is an early assessment—not final loan approval.

General information to gather

Requirements vary by lender and situation. CFPB’s loan-application packet guide describes items a lender may request, such as:

• Recent pay information and employment details.
• W-2 forms and signed tax returns, when applicable.
• Recent bank statements and information about assets.
• Details of monthly debts and other income.
• Information or documentation showing the source of the down payment.

Use this as a preparation list, not a complete or mandatory checklist. Ask your lender for its current requirements and provide sensitive documents only through a secure channel the lender supplies—not through this page.

A general process overview

1. Review your budget, savings, debts, and questions before contacting lenders.
2. Ask about the lender’s pre-qualification or pre-approval process, credit review, documents, timing, and any fees.
3. Provide requested information directly to the lender through its secure process.
4. Read the letter’s amount, assumptions, expiration, and conditions; ask about anything unclear.
5. As you move forward, compare written loan information and remember that final approval depends on later review and applicable conditions.

Keep the letter in perspective

A pre-approval can help you understand a possible financing range and can be useful during a home search. It does not guarantee a loan, set a comfortable budget for you, or replace review of a specific home, loan terms, and final application.