How to Get Mortgage Pre-Approved
Complete guide to the mortgage pre-approval process. Learn what documents you need, timeline, and what to expect.
6-Step Pre-Approval Process
Gather Your Financial Documents
- • Last 2 months of pay stubs
- • 2 years of federal tax returns
- • 2 months of bank statements
- • Employment verification letter
- • 401(k)/investment statements
- • ID verification
Contact CMG Home Loans
Call (718) 812-7798 or start online at cmghomeloans.com/mysite/jimmy-joseph
Complete Loan Application
- • Personal information & SSN
- • Employment history
- • Annual income details
- • Assets & investments
- • Current debts
- • Property information
Authorize Credit Check
Credit authorization, with inquiry type explained before consent
Document Verification
- • Income verification
- • Asset verification
- • Employment confirmation
- • Debt review
Receive Pre-Approval Letter
If the completed file supports it, receive a pre-approval letter stating the reviewed amount and assumptions; timing is file-specific
Timeline
Contact & Application
Credit Check & Review
Pre-Approval Letter Issued
FAQs
How long does pre-approval take?
Timing depends on complete documentation, program, credit authorization, and current review conditions.
Does it affect my credit score?
Ask which inquiry and authorization are required before consenting; the process and scoring treatment can vary.
Pre-qualification vs pre-approval?
Pre-qualification is an estimate. Pre-approval is verified and confirmed.
How long is the letter valid?
Pre-approval letters are valid for 60-90 days.
Can I lose my pre-approval?
Yes, if you make large purchases, change jobs, or have credit issues.
What if I'm self-employed?
You'll need 2 years of tax returns and profit/loss statements.
Best Practices
- Gather documents early: Ready docs can reduce time to hours instead of days.
- Avoid large purchases: Big purchases increase debt and can disqualify you.
- Pay bills on time: Late payments affect approval and rates.
- Keep your job: Job changes require new verification.
- Don't open new credit: New inquiries lower your score.
What Happens Next?
Step 1: Find Your Home
Shop confidently knowing your exact budget and which loan programs work for you.
Step 2: Make an Offer
Sellers take pre-approved buyers seriously because they know you can get financing.
Step 3: Formal Application
Once offer accepted, submit formal application with specific property details.
Step 4: Underwriting
Full underwriting and appraisal, typically 5-7 business days. Learn more.
Step 5: Close
After approval, proceed to closing with your title company.
Ready to Get Pre-Approved?
Start your mortgage pre-approval today. Quick, easy, 3 minutes online.
Jimmy Joseph MBA
NMLS #1577754
CMG Home Loans
Related Resources
Quick Facts
- Time: File-specific
- Cost: Ask before proceeding
- Credit Inquiry: Confirm before authorizing
- Validity: Confirm on the letter
Take the First Step Toward Homeownership
Get pre-approved today and start shopping with confidence.