How Long Does It Take Get Pre-Approval
How long does it take to get a mortgage pre-approval?
With an automated mortgage pre-approval app, you can get pre-qualified in less than 3 minutes and pre-approved in the same day or less than 24 hours.
For most non automated mortgage lenders, it will take 3-7, to get a mortgage pre-approval. There are several steps that must be completed to verify eligibility.
Using an online automated mortgage pre-approval will save you a lot of time and money.
This online application not only generates pre-approvals but will also leverage automation to identify the lowest rate and fee mortgage loan from several national lenders.
Rates 1% lower than most banks at Equifund Mortgage® | See real pre-approved loan offers.
Get Pre-Approved Online. See Loan Offers in 3 minutes.
Time Required to complete the mortgage pre-approval process:
For most applicants, the time it takes to accurately determine eligibility will not take more than 2 hours.
The problem is most mortgage lenders, do not possess the power of automation, and are very busy underwriting full loan submissions.
Using automation, we can efficiently and accurately deliver reliable mortgage pre-approvals fast.
Disadvantages of Non-Automated Mortgage Lenders Quick Pre-Approvals:
Non automated mortgage lenders rely upon people to perform standardized calculations and data entry, and very rarely identify the best mortgage loan options with the lowest interest rates and fees. below is a summary of the problems and time delays associated with getting a mortgage pre-approval with a non-automated mortgage lender.
- Manual labor required to verify eligibility.
- Understaffed to meet market demands.
- Pre-Approval process usually does not capture lowest rate and fee lenders.
- Pre-Approvals can take as long as 7 days or longer in some cases.
- Not transparent at point of application: cannot see real loan options.
Advantages of Automated Mortgage Lenders for Fast Pre-Approvals
By using automation, mortgage lenders and online mortgage marketplaces, can provide you with a simple, and fast fully transparent mortgage pre-qualification to pre-approval process that is completed in the same day or at most 24 hours.
Of equal importance is that the online marketplace gives applicants the ability to rate and fee shop several national mortgage lenders all with one application from start to loan closing.
- Automated 3-minute loan pre-qualifications.
- Applicants identify the best loan offer from several national lenders.
- Upload documents immediately.
- Soft pull credit inquiry does not hurt credit.
- Pre-approvals issues in less than 24 hours.
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Approved or Try the Mortgage Calculator.
Why is getting a fast mortgage pre-approval the most important step in buying a home?
The mortgage pre-approval gives applicants the ability to shop and compare verified pre-approved loan offers.
However, most applicants will marry the lender that issues the loan pre-approval thinking that most lenders have the same interest rates and closing costs.
Therefore, applicants will miss out on the opportunity to capture 10% more purchasing power for free compared to the "Ok" rate loan offer.
Mortgage Preapproval Process
First, mortgage pre-qualifications are different then mortgage pre-approvals. The pre-approval has more authority for sellers and real estate agents.
To get pre-approved, applicants need to submit an online loan application, upload all income and asset documents and authorize a soft pull or hard pull credit inquiry.
Once you are pre-approved the mortgage lender or loan provider will issue a verified mortgage pre-approval letter that confirms eligibility, and maximum eligible purchase price that you qualify for.
It provides an estimate of the loan amount borrowers may be eligible for, helping them set a realistic budget when house hunting.
Rates 1% lower than most banks at Equifund Mortgage® | See real pre-approved loan offers.
Get Pre-Approved Online. See Loan Offers in 3 minutes.
Frequently Asked Questions and Answers about a preapproval
What are the documents required for mortgage preapproval?
To initiate the preapproval process, you will typically need to provide documents such as:
- Proof of income (pay stubs, W-2 forms, or tax returns)
- Bank statements
- Employment verification
- Identification documents (driver's license, passport, etc.)
- Credit report
Can borrowers get preapproved with a bad credit report?
Yes, applicants that have credit scores less than the conventional underwriting guidelines of 620, may still qualify for a mortgage loan and obtain a pre-approval under FHA, VA, or USDA loan programs that are government insured mortgage loans intended to help those with lower credit scores and down payments.
Should I get preapproved before or after finding a home?
Most, if not all real estate agents and property sellers will request a copy of your mortgage pre-approval letter before they invest their time into the home shopping and buying process.
The preapproval letter allows borrowers to understand their budget, strengthen their negotiating position, and demonstrate their seriousness to sellers.
This letter will also keep you focused on homes that you can afford to purchase per underwriting guidelines.
How long is a mortgage preapproval valid?
Preapproval letters typically have an expiration date, usually around 60-90 days. After this period, lenders may require borrowers to update their financial information to ensure it's still accurate.
Can home-buyers shop around for preapprovals without affecting their credit score?
Yes, we believe it is in the best interest of the applicant to compare multiple mortgage pre-approvals or use our online mortgage market that shops loan offers while you get pre-approved.
When borrowers apply for a mortgage preapproval, the lender will perform a credit check, which may slightly impact their credit score.
However, if you use our online mortgage app, you will only have one credit inquiry that is used to price shop several lenders for you.
If you elect to shop several lenders on your own, you must insist on soft credit inquiries that do not affect your credit score, or make all hard credit inquires within a 7–15-day period to ensure your credit score does not get hurt by multiple credit pulls.
The credit report agencies allow consumers a safe window to shop for a mortgage.
Rates 1% lower than most banks at Equifund Mortgage® | See real pre-approved loan offers.
Get Pre-Approved Online. See Loan Offers in 3 minutes.
What happens after getting preapproved?
Borrowers may confidently start shopping for homes within their budget once they receive preapproval.
When they find a property, they may submit an offer backed by their preapproval letter.
The letter is a way to show sellers they are serious about their offer. After their offer is accepted, they may proceed with the loan application process.
What is debt to income ratio (DTI)?
DTI ratio is the percentage between a borrower's monthly income compared to their monthly debt payments.
What is a soft pull credit report?
A soft pull credit inquiry is a credit report that does not affect your credit score when accessed. It shares all the same necessary information, lenders require to approve loans, but this report is an informal credit inquiry.
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
Conclusion of How Long Mortgage Pre-Approvals Take
How long mortgage pre-approvals take will depend on which path you elect to take. If you elect to use automation, you can reduce the waiting time down to 24 hours. If you work with a non-automated mortgage lender it may take as much as 7 days.
When you consider the importance of capturing the lowest rate and fee mortgage loan, then it is very important to shop and compare loan offers while getting pre-approved.
We have streamlined and automated this process. Most of all, encourage you to do the work now, to maximize your loan savings, and increase your financial health by saving the most you can when buying a home.
is a crucial step in the home buying process, providing borrowers with clarity, confidence, and a competitive edge.
While the timeline for preapproval may vary, being well-prepared and responsive may expedite the process.
By gathering the required documents and consulting with multiple lenders, they may navigate the preapproval process efficiently and confidently begin their journey toward home ownership.
