If you’re looking to buy a home, one of the first steps you should take is getting pre-approved for a mortgage. But such a move can be a sign of novice eyes that might not be seeing exactly what a bank loan approval committee would see. And many buyers will be left scratching their heads, wondering: How long does mortgage pre-approval take? It depends on a number of factors including the lender, your financial situation and how well you’re prepared with documentation.
In this guide we’ll explain the usual mortgage pre-approval timeline, what you need to have prepared and how to make the process go as smoothly as you can, especially if you need some specialized financing, for example, a VA home loan.
What is Mortgage Pre-Approval?
A mortgage pre-approval is an estimate for how much money you can borrow from a lender to finance a home purchase, based on your financial and credit information. It lets sellers know that you’re a committed buyer and it finally gives you a budget to work within.
Please don’t get pre-approval confused with pre-qualification. Pre-qualification is an informal estimate of how much you can borrow, while pre-approval is a more thorough dive into your financials that also makes room for a credit check.
How Long Does Mortgage Pre-Approval Take?
1. Same Day to 3 Business Days:
If you’re well-prepared and dealing with a responsive lender, you can be pre-approved in 24 to 72 hours. Online lenders and VA Approved lenders may deliver money more quickly in a day or two, or even the same business day.
2. Up to a Week:
Pre-approval will take a longer period if there are some complexities such as breaks (gaps in your work history), self-employment income, or credit issues – mismatching numbers, unsteady report. Compiling missing paperwork might also slow the process.
Factors That Affect the Timeline
Here are some of the things that will impact how long your mortgage pre-approval takes:
A. Your Financial Documentation
Lenders will ask for a range of documents, including:
- W-2s or 1099s
- Tax returns (last 2 years)
- Pay stubs (last 30 days)
- Bank statements (last 2-3 months)
- Proof of assets and debts
- Photo ID and Social Security number
Having these ready can significantly speed things up.
B. Type of Loan
Some loans such as VA loans have specific stipulations. So better read this complete page about the VA Home Loan Pre Approval in 2025, before the things go out of your hands. That way you can ensure you are eligible and have your required proof of service such as your Certificate of Eligibility (COE).
C. Credit History
A good credit score can help to expedite your pre-approval process. But if your credit’s on the thin side or has red marks, underwriters might want more evidence.
Can You Speed Up the Pre-Approval Process?
Absolutely! Here are a few tips:
1. Use a Trusted Lender
Find a lender with a reputation for quick turnaround, particularly if they offer programs such as Owner-Occupied Private Mortgage Lender services. These lenders often better understand your predicament and can act more quickly.
2. Be Transparent
Don’t hide financial issues. Get real and don’t hide any credit hurdles or debt. In doing so, trust is established, and delays are avoided.
3. Apply Online
Most lenders have digital platforms now where you can upload documents and sign disclosures electronically. This has the potential to trim days from your pre-approval timeline.
4. Have Your COE Ready (VA Loans)
If you’re a veteran or currently serving member of the military, the earlier you have your Certificate of Eligibility in hand, the more efficient this process will be.
What Happens After Pre-Approval?
Once you’re pre-approved, you’ll get a letter stating the loan amount and terms. They usually last 60 to 90 days, buying you time to find a house.
Next, locate a Realtor with a good understanding of the market who can help you find homes in your budget and appropriate for your loan type. Your realtor will also work with your lender and make your offer a stronger one.
Get Pre-Approved with Confidence
If you’re ready to get started, then for instance, the best place to start would be by visiting our Get Pre Approved for a Home Loan page. You’ll also learn exactly how to apply, what documents you need, how members of our team can help you make the process easier, especially if you are a veteran or a first-time homebuyer.
Frequently Asked Questions
Q: Can You Transfer a Mortgage to Another Person?
This is a common question. Although most conventional mortgages won’t allow this, some government programs including those backed by the VA and FHA can be assumed under the right circumstances. Here’s more on that in our guide: Can You Transfer a Mortgage to Another Person?
Q: Is Pre-Approval a Guarantee?
No, pre-approval is not final approval. After you are under contract on a home, the lender will underwrite your income, assets and the home’s value.
Q: Does Pre-Approval Affect My Credit?
Yes, pre-approval does usually involve a hard inquiry of your credit report, which can cause your score to drop a little. But this is what is expected and is a transient effect.
Final Thoughts
So how long does mortgage pre-approval take? For the efficient and proactive, it might only take a day or two. For more complicated cases, it could be a week. The secret, says Galen Bernard, a managing broker with Wintrust Mortgage, is preparation: Know where you stand with your funds, work with an experienced lender and have your information prepared.
Whether it’s your first home purchase or you’re buying a home again after a foreclosure or short sale, it’s always important to ensure you’re at the best possible financing terms by obtaining a mortgage pre-approval. Begin today learning more about loans and working with experts who want to bring your dream home to life.