How Long Does a Mortgage Pre-Approval Take?

Many lenders can pre-approve you for a mortgage in less than a day as long as they’re able to obtain and verify all your information on-time. When shopping for a home, your real estate agent may ask if you’re pre-approved for a mortgage to gauge how serious you are about making an offer. At Zillow Home Loans, once you get pre-approved you get a pre-approval letter that same day that you can download and share with your real estate agent.*

Mortgage pre-approval isn't a requirement but can help speed up the mortgage application process. A pre-approval lets you know the loan amount and interest rates you will likely qualify for, and it also lets sellers know that you’re a serious and financially ready buyer. Once you’re pre-approved, you can take the next step towards getting fully approved and close on a home. According to a Zillow study, almost all mortgage buyers (96%) reported getting pre-approved for financing. Most reported getting their pre-approval before making an offer (67%) and taking their first private home tour (64%).

How quickly can you get pre-approved for a mortgage?

Most lenders can process your mortgage pre-approval the same day you apply. Some may take one to two business days. Here is a step-by-step look at the mortgage pre-approval timeline:

Pre-approval submission: 1 day

Submitting your information for pre-approval typically only takes a day. Before you apply for a mortgage pre-approval, research a few lenders to find one that fits your needs best. Do they offer the loans you’re most interested in? Are their rates reasonable? Are they offering any promos? What lender fees do they charge? Researching lenders may take a few days or longer depending on how thorough you want to be but can ensure you find the right mortgage lender for your needs.

To apply for a pre-approval, the lender will likely ask you to provide some documents like:

• W-2 forms and tax returns from the past two years
• Recent pay stubs and bank statements
• A copy of your driver’s license
• Your social security number
• Employment verification
• Proof of other assets

The faster you get these financial documents to your lender, the sooner they can evaluate your request for pre-approval.

Financial evaluation: 1-2 days

Once the lender collects your financial documents for pre-approval, they’ll verify all your financial information using an automated underwriting system. This system allows them to review the documents you provide more quickly, which is why it can often be completed the same day your documents are received if within business hours.

In addition, they may confirm your employment history and perform a hard credit check to get a sense of how likely you are to make your monthly mortgage payments. Hard checks can lower your credit score by a few points. When you apply for a pre-approval with us at Zillow Home Loans, we offer a soft credit pull with no impact to your credit.*

Pre-approval letter: Same day you apply 

Once you’re pre-approved your lender or loan officer will usually provide you with a pre-approval letter the same day.

Your pre-approval letter will include essential information, such as:

• The conditionally approved mortgage loan amount
• Home price
• Estimated monthly mortgage payments
• Interest rate
• Down payment amount
• Estimated closing costs

The pre-approval process may take longer if more information is needed. However, some lenders have online, self-service options for borrowers, which can shorten the turnaround time even more. While your pre-approval letter will outline the terms of the home loan, the actual mortgage amount and closing closets may change during the complete mortgage application and underwriting process.

How long does a mortgage pre-approval last?

Most mortgage pre-approval letters are good for 60 to 90 days but are contingent on your financial situation and whether or not it materially changes. A material change to your pre-approval may look like:

• A change in your employment status
• A substantial change in your credit score
• A large, unexplained deposit in your bank account
• A large purchase that adds to your debt or interferes with your other assets
• An additional line of credit
• An issue with the home appraisal
• Missing documentation

If your financial situation changes upon verification, your lender may require that you start the process over or change the pre-approved amount and re-issue you an updated letter.

Is pre-approval the same as pre-qualification?

Pre-qualification is another term you may hear during the mortgage process that often gets confused with mortgage pre-approval. While lenders may treat these terms differently, generally the main difference between pre-qualification and pre-approval is that a pre-qualification is an estimate of what you might be able to borrow, while a pre-approval is a conditional commitment to lend you a specific amount as long as you continue to meet the loan qualifications when you apply for the home loan.

You can get pre-qualified with us at Zillow Home Loans in as little as five minutes and pre-approved in the same day.*

How long does mortgage approval take after pre-approval?

While the mortgage pre-approval process can take you less than a day to complete, the actual loan approval can take 45 days or less, and lenders will work to complete your approval to match the closing date in your purchase contract. Once your offer is accepted and you’re ready to close on a home, you’ll still need to apply for a mortgage. During the mortgage application process, your lender will need to assess the property’s value and perform a title search before they can officially approve your loan. Both of these steps require them to know the address of the property you want to buy first. 

The overall purchase process, from getting your offer accepted to securing a mortgage and closing on the home, usually takes between three to five weeks. Having a pre-approval can help speed up the mortgage application process. Since your lender already has many of the documents needed to process your loan, they can quickly verify that your finances haven’t changed and then schedule the necessary home appraisal and title search.

While mortgage pre-approval isn’t a requirement to purchase a home, it will make your home shopping and closing experience much better. Connect with a loan officer to learn more about getting pre-approved for a mortgage.*

*NMLS ID#10287