Pre-approval vs. pre-qualification
A pre-qualification is a quick estimate of what you might borrow, based on information you give a lender. A pre-approval goes further. The lender reviews your documents, and an underwriter looks at your file. Pre-approval carries more weight with sellers.
The three things lenders weigh
- Credit: how you've handled debt.
- Income: what you earn and how steady it is.
- Down payment and savings: the cash you have for the purchase and closing costs.
What to expect
Expect to share documents such as tax returns, pay stubs and bank statements. A lender may ask for more. Your lender will tell you exactly what they need. I can introduce you to lenders if you'd like, and the choice is yours.
Common questions
Does a pre-qualification mean I will definitely get a loan?
No. A pre-qualification is an early estimate. A pre-approval, where an underwriter reviews your documents, is stronger, but no estimate is a guarantee of a final loan.
What does a lender look at?
Lenders generally look at your credit, your income and your savings for the down payment and closing costs. Your lender will tell you exactly which documents to bring.
When should I get pre-approved?
Before you start touring homes seriously. It tells you your budget and shows sellers your offer is backed by a lender.
I'm not a lender and I don't quote rates. See the first-time buyer steps.
Last verified: 2026-10-06