What Is Pre-Approval?
A mortgage pre-approval is a lender's conditional commitment to loan you a specific amount. It's based on a thorough review of your finances and gives sellers confidence that you can close.
Pre-Qualification vs Pre-Approval
Sellers and real estate agents take pre-approvals seriously. Pre-qualifications? Not so much.
What You'll Need
Gather these documents before applying:
1. Income verification: Last 2 years of W-2s, last 30 days of pay stubs, last 2 years of tax returns (if self-employed)
2. Asset verification: Last 2 months of bank statements, retirement account statements
3. Identification: Valid driver's license or government ID, Social Security number
4. Additional: Divorce decree (if applicable), bankruptcy discharge papers (if applicable), landlord contact for rental verification
The Process
Step 1: Application (15-30 minutes)
Complete our online application or meet with a loan officer. We'll collect your basic information and run a credit check.
Step 2: Document Review (1-2 days)
Our team reviews your submitted documents and verifies income, assets, and employment.
Step 3: Pre-Approval Letter (24-48 hours)
If everything checks out, we issue a pre-approval letter specifying the loan amount you qualify for.
How Long Does Pre-Approval Last?
Most pre-approval letters are valid for 60-90 days. If yours expires before you find a home, we can typically renew it quickly with updated pay stubs and bank statements.
Does Pre-Approval Hurt Your Credit?
A pre-approval requires a hard credit inquiry, which may temporarily lower your score by 5-10 points. However, multiple mortgage inquiries within a 14-45 day window count as a single inquiry.
Get Pre-Approved Today
Start your home buying journey with The Taberne Group. Our streamlined process gets you a pre-approval letter in as little as 24 hours.