Question 1

Does pre-approval hurt my credit?

Accepted Answer

It usually involves a credit check, which may lower your score slightly. Shopping several lenders within a short window usually counts as one inquiry.

Question 2

Does pre-approval guarantee a loan?

Accepted Answer

No. Final approval depends on the home’s appraisal, your finances staying steady and final underwriting.

Question 3

What is the difference between pre-qualified and pre-approved?

Accepted Answer

Pre-qualification is a quick estimate based on what you tell a lender. Pre-approval means the lender checked your credit and documents.

Question 4

What documents do I need for mortgage pre-approval?

Accepted Answer

Usually pay stubs, W-2s or tax returns, bank statements, ID, and information about your debts.

Question 5

How much down payment do I need to buy a house?

Accepted Answer

Some loans allow 3% to 3.5% down; VA and USDA loans often allow 0% for eligible buyers. State programs may help.

Question 6

How long is a mortgage pre-approval good for?

Accepted Answer

Often around 60 to 90 days. Ask your lender; you can usually update it.

Question 7

Will shopping for a mortgage hurt my credit?

Accepted Answer

Mortgage credit checks within a short shopping window usually count as one inquiry.

Question 8

What should I avoid after getting pre-approved?

Accepted Answer

New credit, large purchases, job changes and unexplained big deposits or withdrawals before closing.

Common questions: Mortgage pre-approval