How long does it take to get a pre-approval letter?

A basic pre-approval letter takes about 3 minutes.

For a verified pre-approval letter, you will need to upload financial documents such as W2s, paystubs, tax returns, and bank statements. This usually takes about 20 minutes. Then we will review them and generate your letter.

We may require additional processing time if the documentation you submitted is incomplete or if we need to verify overtime, bonus, or commission earnings with your employer.

Factors that affect how long it takes to get a pre-approval letter for mortgage

While many lenders can issue a pre-approval letter within hours or a day, a few factors can influence how long it takes:

Lender’s process: Some lenders have more streamlined online processes, while others might require more time to verify the information.

Completeness of documentation: The faster you can provide all the necessary financial documents, the sooner the lender can review and issue your pre-approval letter.

Complexity of your financial situation: If your income is derived from multiple sources or if you have a high debt-to-income ratio, it could take longer for the lender to evaluate your financial health.

Employment and income verification: For borrowers with non-traditional income (e.g., freelancers, gig workers), the lender may need to spend additional time confirming your earnings, which could extend the timeline.

Get pre-approved in as little as 3 minutes

How to Speed Up the Pre-Approval Process

To expedite the pre-approval process, make sure you have all your financial documents ready before starting your application. This includes W2s, proof of income, recent pay stubs, bank statements, and tax returns. It’s also helpful to speak with your lender beforehand to understand how long their pre-approval process takes.

Ready to Get Pre-Approved?

Pre-approval letters give you the confidence to make a competitive offer on a home and let sellers know you’re a serious buyer. Whether you opt for a basic or verified pre-approval, getting pre-approved is a critical step toward buying your dream home. Ready to get started? Apply today and get pre-approved in as little as 3 minutes!

Ready to get pre-approved? Get started today!