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Video: presentación generada por IA de Chris Bongirno, NMLS 1550873. Se carga desde YouTube al tocar.
September 7, 2026 · 3 min read · Video approved and published (RHL-LC-0002) · article text: author sign-off pending
A preapproval is a lender's written statement, after reviewing your income, assets, and credit, of how much you can borrow and on what terms. It takes a short application and a few documents, and once your documents are in it usually takes anywhere from a few hours to a day or two, depending on the lender. It is what makes your offer credible to a seller. Get it before you tour homes, not after you find one.
Prequalified is not preapproved
A prequalification is an estimate based on what you tell the lender. A preapproval is a decision based on what the lender verified. Sellers and listing agents know the difference, and in a competitive market the difference decides which offer they take seriously. A verified preapproval is the kind worth having.
What the lender looks at
Four things: your income and how steady it is, the money you have for the down payment and closing, your credit history, and your existing monthly debts. Together they answer the two questions every loan comes down to: can you make the payment, and have you paid people back before. Your loan officer also matches you to a program while doing this, which is why a preapproval from a lender with many programs is worth more than one from a lender with a single product.
What you'll be asked for
A photo ID and Social Security number or ITIN. Your last two years of W-2s or tax returns. Your most recent pay stubs covering thirty days. Two months of bank statements for every account you'll use. If you're self-employed, two years of returns and a year-to-date profit and loss. If you receive other income, such as Social Security, a pension, or child support, the award letter or court order. Gather these once and the rest of the process goes faster.
The credit pull
Many lenders, including RedHouse, start with a soft credit pull for the preapproval. A soft pull shows us your history and your scores without affecting your credit. The full credit report, which is a hard inquiry, comes once you're under contract. One mortgage inquiry has a small, temporary effect on your score, and every mortgage inquiry inside a short shopping window counts as one. If something on the report needs attention, the preapproval is the best time to find out, because there's still time to fix it.
What you get back
A preapproval letter with the amount, the program, and an expiration, usually good for sixty to ninety days. Your loan officer can issue a letter for a specific offer amount so a seller doesn't see your full ceiling. And a real number for your cash to close at the price range you're shopping, so there are no surprises later.
What not to do afterward
Don't open new credit, finance furniture or a car, change jobs, move money between accounts without a paper trail, or make large cash deposits. Any of those can change the decision. Call your loan officer before doing anything that touches your income, your savings, or your credit.
Preguntas frecuentes
How long does a preapproval take?
Once your documents are in, anywhere from a few hours to a day or two, depending on the lender. The application itself takes about twenty minutes.
Does a preapproval commit me to that lender?
No. It's a decision, not a contract. You can shop; we'd rather you shop with the number in hand.
Is there a cost?
Usually not. Most lenders, RedHouse included, don't charge for a preapproval.
What if I'm not approved?
You get a plan instead of a no: what to fix, how long it takes, and when to come back. Most people who aren't ready today are ready within a year.
Programas relacionados
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