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How do I get preapproved for a mortgage?

Getting preapproved for a mortgage is an important step in the homebuying process and requires the lender to evaluate your credit history and financial information. Documents such as employment and income verification, asset statements, debt information, credit history and identification are necessary for mortgage preapproval.

Does a mortgage preapproval require a credit check?

A preapproval will also require a hard credit check so your lender can see your credit score and other debt. Typically, you can apply for both a mortgage preapproval and a mortgage prequalification online. Home Loan Preapproval Vs. Approval A preapproval is helpful when you’re shopping for a home.

What documents do I need for a mortgage preapproval?

You’ll need to supply documentation for a mortgage preapproval, which includes information about your income, assets and debts. These documents typically include the following: ID (such as a driver’s license or passport), so lenders can verify your identity and that you’re a U.S. citizen.

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