When to Get Pre-Approved for a Mortgage?

Mortgage pre-approval provides you with an estimate of your home-buying budget, loan terms and interest rate. Having this information can help you narrow down your home search, make a competitive offer and show both your agent and potential sellers that you’re serious about buying a home.

But when exactly should you get pre-approved for a mortgage? The truth is, there’s no exact right or wrong answer. Buyer demand, the number of available houses on the market and your financial situation all play a part in when you should get pre-approved for a mortgage. But it’s important to get the timing right; pre-approval letters do expire, and making an offer without a pre-approval letter can impact whether a seller picks your offer.

To help you decide when to get pre-approved, we’ll walk you through a few different pre-approval timelines, including starting the process before finding a home vs. after finding one, and how each can affect your home buying experience.

When should I get pre-approved for a mortgage?

The general rule of thumb is to get a mortgage pre-approval at least 90 days before buying a home. This often provides you with enough time to find a home, make an offer, start the closing process and secure your mortgage. 

Should I get pre-approved for a mortgage before shopping for a home?

It’s fine to window shop or browse homes on Zillow without a pre-approval. Once you’re more serious about shopping for a home, getting pre-approved can help you stay within a comfortable budget. In a Zillow survey of buyers who got pre-approved, 39% said they got pre-approved to know their budget. Your pre-approval letter will show you the amount you're conditionally approved to borrow, including an estimate of your monthly mortgage costs, closing costs and other fees, that can help inform your decision when searching for a home to buy. 

Having a pre-approval letter handy while you’re shopping for a home can also help you act quickly once you’ve found a home you love. The letter shows potential sellers that you’re a serious buyer who has the financial means to close on the home. In a competitive market, an offer with a pre-approval letter attached will stand out among other offers that don’t include one — increasing the chances of your offer being accepted.

The one downside to getting a mortgage pre-approval too early when home shopping is that you may not find a home that you’re ready to make an offer on right away. Pre-approval letters are typically only valid for 90 days after they’re issued. Once your pre-approval letter expires, the lender can renew it with updated income and asset information, like paystubs and bank statements. A credit report is good for 120 days, so that may need to get pulled again if getting a new pre-approval letter outside of that time period. The good news is if you’re using the same lender and your financial situation hasn’t changed, you can usually receive a new pre-approval letter in less than a day.

Should I get pre-approved for a mortgage after finding a home?

While some home buyers may choose to wait until they find the right home before applying for pre-approval, it is less common. A 2023 Zillow survey showed that 37% of buyers who got pre-approved for a mortgage wanted the pre-approval to make an offer on a home they found.

The one downside to this approach is that if a pre-approved buyer makes an offer before you, the seller may accept their offer before you’ve had a chance to submit yours. Another factor to consider is that you may not get pre-approved for the amount you think, meaning the home you intend to make an offer on may be outside of your budget.

Getting pre-approved after finding a home may be the right option for you if you were recently pre-qualified for a mortgage or feel confident in how much you’re pre-qualified to borrow.* To ensure a smooth pre-approval process, make sure you’re prepared to provide the lender with all the necessary financial documents. If everything goes accordingly, you can usually be pre-approved for a mortgage the same day you apply as long as you meet the loan requirements and lender qualifications.

Can I skip getting pre-approved for a mortgage? 

Getting pre-approved for a mortgage is optional and not required in order to secure financing for a home. The choice is up to you. The decision you make can impact how others perceive your commitment to buy a home and affect the choices you make when searching for a home.

Here’s why getting pre-approved for a mortgage can be beneficial:

• You have a clear understanding of your overall home-buying budget.
• You can narrow down your search to homes that fit within your budget.
• You’ll show your real estate agent and potential sellers that you’re a serious buyer who is already conditionally approved for a mortgage.
• Your offers with a pre-approval letter attached will be seen as more competitive when up against home buyers who don’t have a pre-approval letter.
• You can speed up the mortgage application process once you’re ready to close on a home.

How long is a mortgage pre-approval good for?

Most mortgage pre-approval letters are good for 90 days. You can apply for a pre-approval with multiple lenders to compare mortgage offers and see which is best for you. As long as you apply to each lender within 45 days, you’ll only receive one hard credit pull on your credit report. 

While each pre-approval letter may look similar, review the details closely. One lender may pre-approve you for a larger loan amount, the other better loan terms or lower rates in exchange for higher lender fees. If you don’t receive a pre-approval from one lender, don’t get discouraged — you may end up getting pre-approved by another.

Make note of the expiration date on your pre-approval letter. Once your mortgage pre-approval expires, your lender can refresh the original pre-approval with updated income and asset information — which is much easier than getting a new approval. Any new mortgage applications (after the 45 day window) may count as another hard inquiry on your credit report. Some lenders may also charge an application fee. Get pre-approved with us at Zillow Home Loans*; most applications can be processed without a hard credit inquiry.

What do I need to get pre-approved for a mortgage?

When you apply for mortgage pre-approval, you’ll need to provide the lender with:

• Proof of identity, such as your driver’s license and social security number, or Individual Taxpayer ID Number (ITIN)
• Proof of employment, usually in the form of pay stubs and banking statements from the past three months 
• Your W2s and tax returns from the past two years
• Your rental payment history or a signed purchase and sale agreement
• Additional documentation, such as documentation for gift fund sources, bankruptcy, divorce, alimony, or proof of self-employment

The lender will use the information you provide to determine the loans you qualify for, how much you’re eligible to borrow and at what rates. Find out if you pre-qualify for a home loan with us at Zillow Home Loans.* The process only takes a few minutes and will have no impact on your credit.

*Zillow Home Loans, an equal housing lender. NMLS ID#10287