How Long Does It Take To Get Pre-Approved For A Mortgage?
How long does it take to get pre-approved? Getting pre-approved can be done in a few hours if not a day but it is all about being prepared. Being prepared with all the documentation and information in hand will expedite the process for you and the loan officer.
Be sure to have all your information ready so there are no delays. Some of the items you will need are your tax returns, pay stubs, bank statements, 401K statements, ID, and any other important financial documentation you plan on having the lender take in to consideration.
Having those documents and information in hand will make the process much smoother. Just know the loan officer will gather the information and make a determination as long as there are no issues. Some will even go as far as verifying your income if there is something in question. However most lenders will get it done the same day.
Keep in mind the pre-approval is different than a pre-qualification. Pre-qualification generally involves no verification so it is usually instantaneous. Pre-approval usually means there is a form of verification, which makes it take longer to do but has so much more meaning behind it. A seller is going to take a person who is pre-approved much more serious than one who is just pre-qualified.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
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Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
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