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Take the First Step to Homeownership

Before you start shopping for a home, get preapproved for your loan. A preapproval letter will show sellers you're a serious buyer and give you a competitive advantage during the bidding process.

What Is a Preapproval?

A preapproval shows how much you'll be eligible to borrow when you decide to make an offer on a home. Your preapproval is based on your credit score, income, assets, debts, employment history and other financial information. Further along in the mortgage process, we'll ask you for documentation to verify this information.

Although the preapproval letter lets you know how much you can borrow, it's not a commitment to lend. This letter is good for at least 30 days and as long as 90 days if you stay in touch with your home loan advisor. After that, we would need to pull your credit again to confirm that nothing about your financial situation has changed.

Get Preapprovedfor a mortgage loan

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Why Get Preapproved?

  • Learn how much you can confidently offer when you find the right home
  • Show your real estate agent and potential sellers that you're a serious buyer
  • Complete the mortgage process more quickly once you find a home

What Impacts Preapproval?

What to Expect

  • Depending on your eligibility, you could be preapproved quickly, and in some cases, instantly.
  • Your real estate agent typically uses this letter to know how much you can afford before viewing homes.
  • Once you provide a property address, your preapproval converts to an application for a mortgage loan.
  • If you're self-employed, you may be required to provide additional documentation.

Plan Ahead

After you receive your preapproval letter, start collecting the following documents and information for all borrowers so you'll have them handy for the next steps in the mortgage process.

  • W2 forms from the past two years
  • Pay stubs from the past one to three months
  • Personal tax returns from the past two years
  • Monthly debt and living expenses

More About the Mortgage Process