What to Know Before You Get Pre-Approved For a Mortgage
Getting pre-approved is one of the most important steps in the home-buying journey—but it’s also one of the most misunderstood. A strong pre-approval doesn’t just tell you how much you can afford; it positions you to move quickly and confidently when you find the right home.
Here’s what you should know before you get started.
1. A Pre-Approval Isn’t the Same as a Pre-Qualification
Many buyers use these terms interchangeably, but they’re not the same thing. A pre-qualification is an estimate based on basic information you provide—nothing is verified. A pre-approval, on the other hand, involves a full review of your documents and credit report by a licensed mortgage professional.
That extra step matters. When you’re pre-approved, your numbers are verified, your rate is locked (for a limited time), and sellers know you’re serious. It’s the difference between guessing your budget and knowing exactly what you can afford.
2. Your Paperwork Matters More Than You Think
Before applying, it’s smart to gather your key documents. Lenders will typically need:
Proof of income (recent pay stubs, T4s, or NOAs if self-employed)
Employment verification
Details of debts or loans
Down payment information and proof of source
Government-issued ID
Having these ready makes the process faster—and ensures your pre-approval is as accurate as possible. I like to say, a clean file is a fast file.
3. Credit and Debt Play a Big Role
Your credit score and debt-to-income ratio both impact how much you qualify for and what kind of lender options are available. If your credit could use some improvement, don’t panic—it’s common, and there are ways to strengthen it before applying.
Paying bills on time, keeping credit utilization low, and avoiding new debt in the months before you apply can make a big difference. Even a small bump in your credit score can help you secure a better rate.
4. Rates Aren’t Everything
It’s easy to focus only on the interest rate, but the best mortgage isn’t always the one with the lowest number. Terms, penalties, prepayment options, and flexibility all matter just as much—especially if your plans could change in the next few years.
I always help clients look beyond the rate to find a mortgage that fits their lifestyle and long-term goals.
5. Pre-Approvals Expire (and That’s Okay)
Most pre-approvals are valid for 90 to 120 days. If you don’t buy a home within that window, it’s easy to update your file. In fact, renewing a pre-approval can often secure a better rate if the market shifts.
The Bottom Line
Getting pre-approved is about preparation and confidence. It’s your chance to understand your numbers, strengthen your position, and remove surprises from the buying process.
If you’re ready to start—or just want to see what you might qualify for—I’m happy to help walk you through it.
👉 Start your pre-approval today and move forward with confidence.
