How to Get Pre-Approved for a Mortgage (Step by Step)

Getting pre-approved takes 24-72 hours if you show up with your documents ready. Here's the exact process, step by step.

Step 1: Choose a Lender

You can get pre-approved through a mortgage broker (like Better Offers Inc), a direct lender (bank or credit union), or an online lender. Brokers typically offer more loan options because they can shop your file to multiple lenders at once.

Get pre-approved by 2-3 lenders to compare rates. Multiple credit inquiries within 14-45 days count as a single inquiry, so your score won't tank from shopping.

Step 2: Gather Your Documents

Everyone needs:

• Last 2 years of W-2s
• Last 30 days of paystubs
• Last 2 months of bank statements (all pages, all accounts)
• Photo ID
• Social Security number
• Current mortgage statement or lease

Self-employed? Also bring:

• Last 2 years of personal and business tax returns (all pages, all schedules)
• Year-to-date profit and loss statement

Using gift funds? Also bring:

• Gift letter from the donor
• Donor's bank statement showing they have the money

Full self-employed documentation guide

Step 3: Fill Out the Application

Your lender will send you a 1003 form (Uniform Residential Loan Application). It covers your personal info, employment history, income, assets, and debts. If you haven't found a home yet, leave the property section blank.

Time commitment: About 1 hour of your time.

Step 4: Submit and Wait

Your lender reviews everything, pulls credit, and sends the file to underwriting. Typical timeline:

• Day 1: Lender reviews docs, orders credit
• Day 2-3: Underwriter reviews file
• Same day once approved: Pre-approval letter issued

If you're missing docs or have complicated income (self-employed, commission-based, multiple jobs), expect up to a week. In hot California markets, buyers with same-day pre-approvals win. Have docs ready before you start touring.

Step 5: Start Shopping

You're now a serious buyer. Your pre-approval letter is good for 60-90 days. After that, your lender will want updated paystubs, bank statements, and a fresh credit pull.

What NOT to Do After Pre-Approval

A pre-approval is strong, but it's not final approval. You can still be denied if you change your financial picture between now and closing.

Don't:

• Change jobs (unless your lender clears it first)
• Finance a car, furniture, or anything else
• Open new credit cards
• Co-sign a loan for anyone
• Deposit large sums of cash that can't be sourced
• Miss any bill payments

Do:

• Keep working at your current job
• Keep making normal payments on time
• Keep saving (but don't shuffle money between accounts)
• Tell your lender immediately if anything changes

One new car payment can blow your debt-to-income ratio and kill a deal that was already approved. Don't do it.

Understand what underwriters review during pre-approval

Get Started Today

You've got the checklist. Gather your docs and let's get you pre-approved.

Apply for Pre-Approval

Better Offers Inc | CA DRE #01212512
Same-day pre-approvals available