Mortgage Preapproval Guide: How to Get Preapproved in 2026

Preapproval vs. Prequalification

Prequalification is an informal estimate based on self-reported information — no credit check, no verification. Preapproval is a formal process where the lender pulls your credit, verifies your income and assets, and issues a written commitment to lend up to a specific amount.

In competitive markets, sellers often will not consider offers without a preapproval letter. It demonstrates you are a financially verified buyer who can close.

Documents You Will Need

• Last 2 years of W-2s or tax returns (self-employed: full returns)
• Last 30 days of pay stubs
• Last 2-3 months of bank statements (all pages)
• Photo ID (driver's license or passport)
• Social Security number for credit check
• List of current debts and monthly payments
• Employer contact information for verification

How Long Does Preapproval Take?

Online preapproval can take as little as 1-3 business days. Traditional in-person applications may take 3-7 days. The preapproval letter is typically valid for 60-90 days, after which it can be renewed with updated financial information.

Tips to Strengthen Your Preapproval

Do not open new credit accounts or make large purchases before or during the mortgage process. Avoid changing jobs if possible. Keep credit card balances under 30% of limits. The more stable and clean your financial picture, the stronger your preapproval.