Mortgage Pre-Approval Checklist
Being fully prepared for pre-approval gives you a competitive edge in any market. Here's everything you need to gather before you apply.
Why Getting Pre-Approved Is Step One
In today's competitive housing market, a pre-approval letter is table stakes. Sellers and their agents won't take your offer seriously without one. More importantly, getting pre-approved before you shop tells you exactly how much home you can afford — so you don't fall in love with a home that's out of reach.
A pre-approval is more than a pre-qualification. Pre-qual is a quick estimate based on self-reported info. Pre-approval involves submitting actual documentation, having your credit pulled, and going through initial underwriting. A strong pre-approval letter signals to sellers that you're a serious, financeable buyer.
Most pre-approvals take 24–48 hours once you submit complete documentation. The key is having everything ready to go from the start. Missing documents are the number one cause of delays.
Income & Employment Documents
These documents verify your income and employment history. Lenders want to see stability and continuity.
- W2s — last 2 years (all employers)
- Recent pay stubs — most recent 30 days (2 pay stubs if paid bi-weekly)
- Federal tax returns — last 2 years, all pages, all schedules (if self-employed or have rental income)
- Self-employed: business tax returns (1120S, 1065, or Schedule C) — last 2 years
- Self-employed: year-to-date profit & loss statement (CPA-prepared preferred)
- Social Security award letter (if SS income is used for qualification)
- Pension/retirement income: award letter or 1099R
- Rental income: lease agreements + Schedule E from tax returns
- Child support/alimony: court order + 12 months of deposit statements showing receipt
Asset & Bank Account Documents
Lenders verify you have enough cash for the down payment, closing costs, and reserves (typically 2–6 months of housing payments in the bank after closing).
- Bank statements — last 2 months, ALL pages (checking and savings)
- Investment/brokerage statements — last 2 months, all pages
- 401k / IRA / retirement statements — most recent statement
- Gift letter (if receiving down payment gift from family) — standard form provided by lender
- Gift funds: 2-month bank statement from donor showing the funds
- Sale of current home: listing agreement or HUD-1 settlement statement
- Liquidated assets: documentation of source (sale of vehicle, etc.)
Identity & Credit Documents
Standard identity verification and information needed for the credit pull and loan application.
- Government-issued photo ID (driver's license or passport)
- Social Security number (for credit pull — not submitted in writing, entered securely)
- Green card or visa documentation (non-US citizens)
- Divorce decree (if applicable — affects income, debt, and property ownership)
- Bankruptcy discharge papers — if bankruptcy within last 7 years
- Explanation letters for any derogatory credit items
- Any judgments, liens, or collection accounts: be prepared to explain or pay off
Property-Related Documents (Once You Have a Contract)
These documents are needed after you've made an offer, but gather what you can in advance.
- Fully executed purchase contract
- MLS listing or property details
- HOA contact information and phone number (for HOA cert/questionnaire)
- Most recent property tax statements (for refinance or if you own other properties)
- Current mortgage statements (for all properties you own)
- Homeowners insurance contact information
- Landlord contact info if renting (for verification of rent history)