Mortgage Pre-Approval is Critical - What’s Needed
Avoid Heartbreak. Pre-approval is your first step to avoid losing the house you want. Getting pre-approved for a mortgage isn’t just a box to check, it is the foundation for a smooth, successful buying experience. In today’s Central Texas market, sellers want to know you’re serious, and a pre-approval letter tells them you’re ready to move.
This guide breaks down exactly what you’ll need to get pre-approved — and why having these items ready can save you time, stress, and even money.
1. Proof of Income
Lenders need to verify that you can afford your monthly payments. You’ll typically provide:
W-2 forms from the past 2 years
Recent pay stubs (last 30 days)
If self-employed: 2 years of tax returns and year-to-date profit/loss statements
Keep in mind, bonuses, commissions, and overtime can sometimes be counted if they’re a consistent form of income.
2. Proof of Assets
Your lender wants to see that you have enough for your down payment, closing costs, and reserves. Gather:
Bank statements (last 2 months)
Retirement or investment account statements
3. Credit History
Your credit score affects your interest rate and loan options. Most programs require a score of 620 or higher, but some down payment assistance and government-backed loans accept lower scores.
If you’re considering a home purchase, don’t open new credit accounts or make big purchases during the process as it can hurt your credit score.
4. Employment Verification
Beyond pay stubs, your lender may contact your employer to confirm your position and salary.
5. Identification & Other Documentation
You’ll need a valid photo ID and your Social Security number for the credit check. Additional items may be required depending on your situation:
Divorce decrees (if applicable)
Bankruptcy discharge papers (if applicable)
Pre-approval matters as it can make the difference between winning and losing a home. It shows sellers you’re ready, helps you shop with confidence, and may even shorten your closing timeline. In some cases, with a pre-approval letter you may be in a better position to negotiate.
It is important to note, pre-qualification is NOT the same as pre-approval.
Are you currently or will soon be looking for a home? With no cost or obligation, I can help you understand exactly what you qualify for and help to make the process quick and stress-free.