Mortgage pre-approval is not instant — after submitting your application and all documentation, it can take anywhere from 1–10 days to get pre-approved for a mortgage. While straightforward applications can be approved quickly, complex finances and back-and-forth requests for documents can sometimes take a week or even longer.
A mortgage pre-approval letter is a document from a lender stating that they’ve reviewed your finances and have conditionally agreed to extend a mortgage loan for a certain amount. Getting one is an important early step toward becoming a homeowner, as it shows sellers you’re serious about wanting to buy soon.
In this article, we’ll answer your mortgage pre-approval questions, including how long it takes, how long it lasts, why it’s important, how to speed it up, and more — including some tips for first-time homebuyers looking to get pre-approved.
How long does it take to get pre-approved for a mortgage?
The speed of getting pre-approved can depend on the lender you choose and the state of your paperwork. Some lenders can pre-approve you in one business day, while others may take up to a week or even longer.
Receiving a pre-approval letter means the lender has verified your documents, checked your credit score, and determined that your debt-to-income (DTI) ratio and other circumstances meet the lender’s eligibility requirements. It takes time for a lender to process all this data.
Note: Mortgage pre-qualification and pre-approval are often used interchangeably. However, a pre-qualification is a less formal assessment letting you know how much mortgage you could be offered based on questions about your financial picture; it does not include any verification or a credit check. A mortgage pre-approval involves verifying your financial details and therefore is more reliable.
Typical pre-approval timeline
For most prospective homeowners, the process generally looks like this:
- Fill out the initial application with your personal and financial information (1–3 hours).
- Submit supporting documentation, such as tax returns, proof of employment, bank statements, pay stubs, and other necessary items (2 hours–2 days).
- A loan officer will review your application and make an assessment based on your finances, creditworthiness, DTI, property type, loan amount, and more (1–5 business days).
- The lender will issue the pre-approval letter and send it to you (1 day).
Along with the possibility of your chosen lender going with the full underwriting process (rather than letting a loan officer verify at this stage), delays can occur from missing documentation, low credit scores, or when employer verification takes longer than expected.
Can you get an instant mortgage pre-approval?
Mortgage pre-approvals can take less than a day in a best-case scenario, but no pre-approval will be instant.
If you need a fast estimate of the amount and terms you might be eligible for, consider a pre-qualification application instead. Be aware that some online pre-approval platforms, such as Better Mortgage, can provide a letter in minutes, but this letter is similar to what most other lenders consider a pre-qualification.
Can you be denied a loan after getting a mortgage pre-approval?
Yes, you can be denied a loan after getting a mortgage pre-approval. The pre-approval is based on your finances at a specific point in time, and if your situation changes before closing, the lender can decide not to give you the loan. Here are some factors that could cause a denial.
- Taking out new debt: Opening a new credit card, financing a car, or taking out another loan can increase your debt-to-income (DTI) ratio and affect approval.
- Changing jobs: Stability matters a lot to lenders. Switching to a new job without a track record of income can be considered a red flag.
- Dropping credit score: Missing a payment, closing your oldest credit card, or new credit inquiries could lower your score and jeopardize your approval chances.
- Appraisal issues or property changes: If the home is appraised for significantly less than the property’s asking price, the lender may not finance the full amount. Similarly, if you decide to purchase a different property type with stricter lending requirements (for example, a condo), it could reduce your approval chances.
If possible, try not to make large financial decisions or purchases during your pre-approval window. And remember: as much weight as pre-approval has, it is not a guarantee your loan will get approved during the full underwriting process.
How long does a mortgage pre-approval last?
A mortgage pre-approval is usually good for 30-60 days, though some lenders can issue a pre-approval for 90 days.[1] You can find the expiration date in your pre-approval letter, along with other terms and conditions.
The pre-approval has a fairly short duration because the lender wants to make sure your financial information (such as employment, income, credit score, and debt obligations) is current. Fluctuating market conditions are another reason for time limits on mortgage pre-approval. Mortgage rates may increase or fall weekly or sometimes even daily, which could affect your borrowing power.
If your mortgage pre-approval expires before you make an offer on a house, you can usually reapply. However, you may need to submit updated documents, such as pay stubs or bank statements, once again. What’s more, any changes in your finances (or interest rates) may lead to a different approval amount.
Because of these potential fluctuations, many homebuyers try to house-hunt deliberately within the pre-approval period. Staying proactive during this time can help you ensure your financing aligns with your expectations, so you can avoid unpleasant surprises later in the process.
How to speed up mortgage pre-approval
If you need to get pre-approved for a mortgage really fast, it is possible to slightly expedite the process. Start by gathering all the necessary paperwork in advance and choosing a mortgage lender known for their tech solutions.
Collect your documents early
One of the most common delays when applying for the mortgage pre-approval comes from missing or inaccurate paperwork. Key items would usually include:
- Government-issued ID: Driver’s license, ID card, or U.S. passport
- Proof of income: Recent pay stubs, W-2 forms, and tax returns
- Employment verification: A written letter from an employer, or business records if you are self-employed
- Evidence of assets: Investment or retirement account statements, such as 401(k)s, IRAs, or mutual funds
- Debts: Loan statements from the previous two months, including student debt, car payments, and credit cards
- Down payment funds (if applicable): A down payment gift letter to prove the received funds aren't a loan from someone who has a stake in the home purchase
- Bank statements: Savings, checking, and any other accounts for the past two to three months
- Rental history: Proof of rent payments and recent landlords’ contact information
Pro tip: Be proactive and check your lender’s paperwork requirements on their website.
Other information to have handy
On top of these documents, it’s helpful to give the lender more context regarding your the home you want to buy:
- Estimated price of the property: This will help the lender better understand the maximum loan amount they can offer you and calculate the loan-to-value (LTV) ratio.
- Type and purpose of the property: Explain whether this will be your primary residence, a secondary home, or an investment property. Lenders have different rates and requirements for owner-occupants versus investors
Choose a fast, tech-enabled lender
Technology has made pre-approval faster than ever. Many lenders allow uploading documents through a secure portal and accept eSignatures, eliminating the need for in-person appointments. These lenders can issue a pre-approval as fast as the same day or the next day if your loan is straightforward and all your documents are up to scratch.
If you're trying to find a good lender online, check customer reviews on Google, Trustpilot, and the Better Business Bureau. Good lenders should have a decent number of positive ratings. Look specifically for comments about speed and customer service.
Finally, don’t forget to ask the lender for their average turnaround time and whether they offer digital processing when comparing your options.
Can you make an offer on a house without pre-approval?
Yes, you can make an offer on a house without getting pre-approved first. However, keep in mind that it may lower your chances of getting selected.
Many real estate agents and sellers require a pre-approval letter before they can consider the offer seriously. Pre-approval indicates that you are likely to qualify for a loan and that you are a serious buyer, giving a seller more certainty in your offer.
If you just start casually looking at houses, a prequalification letter might be enough to help you determine a general budget. However, it doesn’t carry much weight in negotiations and won’t be a replacement for pre-approval, especially in a competitive market.
Why you need a mortgage pre-approval
There are a few advantages to being pre-approved for a mortgage during the homebuying process:
- It helps you realistically determine how much house you can afford.
- A pre-approval letter makes your offer seem more competitive to sellers and listing agents. Sometimes, it can be all that’s needed to tip the scales in your favor.
- It can help buyers speed up the purchase timeline, especially if you apply for a loan with the same lender you got pre-approval from.
First-time home buyer tips for getting pre-approved
If you are a first-time homebuyer, getting pre-approved for a mortgage can seem overwhelming. Here are some tips to help you streamline the process and increase your chances of getting a sought-after mortgage pre-approval letter:
- Check your credit report before applying. Make sure there are no errors or unexpected issues that can affect your credit score.
- Work on your finances in advance. As soon as you decide to buy your first property, think about how you can improve your financial standing. For example, avoid applying for new loans or credit cards, and try to bring down your credit utilization rate.
- Shop lenders. Don’t go with the first lender you find online. Compare interest rates and general terms, and remember — you can always try to negotiate with your preferred lender.
- Explore first-time homebuyer programs. Many state and local governments provide mortgage assistance or special loan programs with relaxed requirements, which can significantly help you with financing.
Securing a mortgage pre-approval is a crucial step that can help you define a realistic budget and signal to a seller that you are a serious buyer. By preparing your documents early, choosing a responsive lender, and maintaining financial stability throughout the process, you can speed up your pre-approval and minimize surprises.
And, if you need any further help, a professional real estate agent can answer all your questions and guide you throughout the homebuying journey. Connect with a top-rated local agent today on Clever.