Mortgage Pre-Approval vs Pre-Qualification
Understand the critical difference. Bergen County requires pre-approval for serious offers.
Get Pre-Approved TodayPre-Qualification
What It Is:
Informal estimate based on self-reported information. No documentation verified.
Requirements:
- • Phone/online conversation
- • Self-reported income
- • Soft credit inquiry (no impact)
- • No documents required
Timeline:
5-10 minutes
Validity:
Estimate only, not binding
Strength:
Weak - Sellers don't trust it
Pre-Approval
What It Is:
Verified conditional commitment. Lender confirms you qualify for stated amount.
Requirements:
- • 2 years tax returns
- • 30 days pay stubs
- • 2 months bank statements
- • Hard credit pull (-5 points temp)
Timeline:
1-2 business days
Validity:
90 days (conditional on property)
Strength:
Strong - Required for offers
Why Bergen County Requires Pre-Approval
Competitive Market
Bergen County median $749K homes receive multiple offers. Sellers only consider buyers with verified pre-approval.
Reduces Fall-Through Risk
Pre-approval means lender verified income/assets. Less likely buyer financing falls through after inspection.
Negotiation Power
Pre-approved buyers can negotiate better terms. Sellers more willing to accept lower offers from verified buyers.
Faster Closing
Pre-approval front-loads underwriting. Can close in 30 days vs 45-60 days with pre-qual.
Documents Needed for Pre-Approval
W-2 Employees:
- • 2 years federal tax returns (all pages)
- • 30 days recent pay stubs
- • 2 months bank statements (all accounts)
- • Photo ID (driver license)
- • Credit authorization form
Self-Employed:
- • 2 years personal + business tax returns
- • YTD profit & loss statement
- • Business bank statements (2 months)
- • CPA letter (sometimes required)
- • Same ID and authorization as W-2
Get Pre-Approved in 24 Hours
Work with Jimmy Joseph MBA to get your verified pre-approval letter for Bergen County home shopping.
Start Pre-ApprovalNMLS #1577754 | (718) 812-7798