Preapproval vs. Prequalification
Prequalification is a quick, informal estimate based on information you provide, with no credit check. Preapproval is a conditional commitment based on a hard credit pull and verified income, assets, and debt documentation — and it's what most sellers expect to see.
Documents You'll Need
- Two years of W-2s or tax returns (more for self-employed borrowers).
- Recent pay stubs and bank statements.
- A list of debts and monthly obligations.
- ID and Social Security number for the credit check.
How Long Preapproval Lasts
Most preapproval letters are valid for 60-90 days. If your home search runs longer, you can typically get it refreshed with updated documents.
Does Preapproval Guarantee Final Approval?
No — final approval still requires underwriting on the specific property (including an appraisal) and confirmation nothing has changed with your finances between preapproval and closing.
This page is for educational purposes and isn't personalized financial or tax advice. Figures, rates, and program details change frequently — confirm current terms directly with lenders, tax professionals, or the IRS before acting.