Getting pre-approved for a mortgage is one of the first steps in the homebuying journey. It gives you a clear picture of how much house you can afford and shows sellers you’re a serious buyer. But if you’re ready to start shopping for a home, you might be wondering: how long does it take to get pre-approved for a mortgage?
The short answer: mortgage pre-approval typically takes anywhere from a few minutes to a few days, depending on your lender and how prepared you are. This Redfin article breaks down the timeline, steps, and ways to speed up the process. Whether you’re browsing homes for sale in Austin, TX or planning to make an offer on a home in Seattle, WA, getting pre-approved is a key step to simplify your homebuying journey.
What is mortgage pre-approval?
A mortgage pre-approval is a lender’s conditional commitment to lend you a certain amount for a home purchase. The lender reviews your financial information—such as income, credit score, debts, and assets—to determine how much they’re willing to lend.
Why it matters:
- It helps you set a realistic budget.
- It strengthens your offer when competing for a home.
- It uncovers potential issues early in the process.
Not sure how much you can spend? Use our How Much House Can I Afford? calculator to estimate your budget before you start shopping.
How long does it take to get pre-approved for a mortgage?
1. Instant pre-approvals (Minutes)
Some lenders, especially online mortgage companies, offer instant pre-approvals. These systems use automated underwriting to quickly review your credit and financial details.
Best for: Borrowers with straightforward finances and strong credit.
Keep in mind: These pre-approvals are often subject to additional verification.
2. Standard pre-approvals (1-3 Business Days)
Traditional lenders, like banks and credit unions, usually take 1 to 3 business days to process a pre-approval. A loan officer manually reviews your documents and verifies your information.
Factors that impact the timeline:
- The lender’s workload
- The complexity of your financial situation
- How quickly you provide requested documents
What do lenders check during pre-approval?
To determine your eligibility, lenders typically review:
- Credit score and report: Most lenders require a minimum score (often 620 for conventional loans).
- Income and employment history: Pay stubs, W-2s, or tax returns.
- Debt-to-income ratio (DTI): Your monthly debts compared to your income.
- Assets and savings: Bank statements, investment accounts, and proof of funds for a down payment.
You can also read Can You Get a Mortgage with a New Job?
How to speed up your pre-approval
If you want to get pre-approved faster, follow these tips:
- Gather your documents ahead of time:
- Recent pay stubs
- W-2s or tax returns (last 2 years)
- Bank and investment account statements
- Driver’s license or ID
- Social Security number
- Check your credit score: Review your credit report for errors before applying.
- Respond quickly to lender requests: Any delay in providing information can slow the process.
- Consider an online lender: Digital applications and automated systems often provide same-day results.
How long is a pre-approval good for?
Most mortgage pre-approvals are valid for 60 to 90 days. After that, you may need to update your financial information to get a new pre-approval.
Tip: Start your home search soon after getting pre-approved to avoid delays.
Pre-approval vs. pre-qualification: what’s the difference?
- Pre-Qualification: A quick estimate based on self-reported information. No credit check.
- Pre-Approval: A more thorough process with credit check and document verification.
Why pre-approval is better: Sellers often prefer buyers with a pre-approval letter because it shows your financing is more certain. You can also learn more in Pre-Qualified vs. Pre-Approved: What’s the Difference? and How Long Does a Pre-Approval for a Mortgage Last?.
Mortgage pre-approval timeline: Key takeaways
- Mortgage pre-approval can take minutes to a few days, depending on the lender and your financial readiness.
- Preparing your documents in advance can help speed up the process.
- Pre-approvals are typically valid for 60 to 90 days.
Once you’re pre-approved, the next step is choosing the right loan for your needs. Check out our guide on Types of Home Loans: How to Choose the Right Mortgage for You to explore your options.