What’s Needed for Mortgage Pre-Approval in Texas? A Complete Guide for Homebuyers
If you're thinking about buying a home in Austin or anywhere in Central Texas, getting pre-approved for a mortgage is the smartest first step. But what does that actually mean—and what do you need to get started?
In this guide, we’ll walk you through everything you need to know about the mortgage pre-approval process, including what documents are required, why it matters, and how to increase your chances of getting approved quickly.
1. What Is Mortgage Pre-Approval?
Mortgage pre-approval is a formal letter from a lender (like us at Team Scott Mortgages) that shows how much you’re qualified to borrow based on your income, credit, assets, and debts. It’s more than a guess—it’s a lender-verified assessment.
In today’s competitive Central Texas housing market, having a pre-approval letter makes your offer more attractive to sellers and real estate agents.
2. What You Need to Get Pre-Approved
Here’s a checklist of what most lenders will ask for:
Proof of Income
o Recent pay stubs (last 30 days)
o W-2 forms (last 2 years)
o Tax returns (last 2 years if self-employed)
o Other income (bonuses, commissions, alimony, Social Security)
Proof of Assets
o Checking and savings account statements
o Retirement and investment account balances
o Gift letters (if any portion of your down payment is a gift)
Credit History
o Minimum credit score requirements vary by loan program
o Conventional: 620+
o FHA: 580 (3.5% down) or higher
No need to guess. We’ll pull your credit with your permission.
Employment Verification
o Employer contact info or verification letter
o Recent job history (especially if you've changed jobs in the past 2 years)
Identification
o Driver’s license or passport
o Social Security number
Debt Information
o Monthly payments for car loans, student loans, credit cards
o Any alimony or child support payments
3. Why Pre-Approval Matters
Saves Time: Know exactly what price range you can afford.
Improves Credibility: Real estate agents and sellers take you seriously.
Uncovers Issues Early: Address credit or income concerns before you’re under contract.
Strengthens Negotiating Power: Sellers prefer buyers who are financially ready.
4. How Long Does Pre-Approval Take?
Once you submit the required documents, pre-approval can often be issued within 24–48 hours. At Team Scott Mortgage, we prioritize fast turnarounds to help you move quickly to secure your next home or property.
Getting pre-approved is one of the most important—and empowering—steps in the homebuying journey. If you’re serious about buying a home in the next few months, don’t wait.
Pre-Approval ≠ Final Approval
It’s important to note that pre-approval is not a loan commitment. You’ll still need to go through full underwriting during the actual loan process. That said, getting pre-approved is the best way to set yourself up for success.
Work With a Local Expert
At Team Scott Mortgage, we’ve helped buyers in Austin, Georgetown, Round Rock, and throughout Central Texas get pre-approved with confidence. Whether you're a first-time homebuyer or moving up to your next home, we’ll walk you through every step.
📞 Call Bryan Scott at 512-864-4866
📧 Email: bscott@gfmortgages.com
🔗 Start Your Pre-Approval Online Now
If you’re wondering how to improve your pre-approval odds:
Pay down credit card debt below 30% of your limits
Don’t open new credit accounts during the process
Save extra for your down payment and reserves
Avoid job changes right before or during pre-approval
Let’s make your mortgage experience smooth, clear, and successful. You can schedule a free 30-minute Mortgage Discovery Session with Bryan HERE.