What to Know About Getting Preapproved for a Home Loan

Buying a home starts with one crucial step that most successful buyers never skip: getting preapproved for a mortgage preapproval. This isn’t just paperwork—it’s your competitive edge in today’s market. Whether you’re a first-time buyer or moving up, understanding the mortgage preapproval process can save you time, money, and heartbreak. Here’s everything you need to know about mortgage preapproval and how to get it right.

What Exactly Is Mortgage Preapproval?

Mortgage preapproval is a lender’s conditional commitment to loan you a specific amount based on a thorough review of your credit, income, assets, and debts. You receive an official mortgage preapproval letter stating how much you’re approved to borrow and at what estimated rate—usually valid for 60–90 days.

Unlike casual prequalification, true mortgage preapproval requires a hard credit check and documentation, making it a powerful tool when you’re ready to make an offer.

Mortgage Preapproval vs. Prequalification: The Key Differences

Bottom line: Start with prequalification if you’re just browsing, but lock in mortgage preapproval before you fall in love with a house.

Why Mortgage Preapproval Is Non-Negotiable in 2025

In competitive markets, sellers often reject offers without a mortgage preapproval letter. Here’s why serious buyers get preapproved first:

• Makes your offer stand out (many listings now require mortgage preapproval upfront)
• Shows exactly what you can afford so you don’t waste time on overpriced homes
• Speeds up final loan approval once you’re under contract
• Lets you lock in today’s rates before they rise

Ready to get started? Metropolitan Mortgages makes the mortgage preapproval process fast and 100% online — get your free preapproval here.

When Is the Best Time to Get Mortgage Preapproval?

Get your mortgage preapproval 30–90 days before you plan to start making offers. This gives you:

• A clear budget while house hunting
• Time to fix any credit or documentation issues
• Flexibility if interest rates drop (you can re-lock)

Step-by-Step: How to Get Mortgage Preapproval in 2025

1. Check Your Credit Aim for 620+ (ideally 740+ for the best rates). Pull free reports at AnnualCreditReport.com (no-follow).
2. Calculate Your Budget Use Metropolitan Mortgages’ affordability calculator to see real numbers.
3. Gather Documents
   • Last 2 pay stubs & W-2s
   • 2 years tax returns (especially if self-employed)
   • 2 months bank statements
   • ID and proof of assets
4. Apply with Multiple Lenders Shop at least 3 lenders within a 14–45 day window (counts as one inquiry). Start your no-obligation mortgage preapproval with Metropolitan Mortgages in under 10 minutes: Apply Now.
5. Receive Your Mortgage Preapproval Letter Review the loan amount, rate, and any conditions carefully.

Common Mortgage Preapproval Mistakes to Avoid

• Applying after you’ve already made an offer
• Opening new credit cards during the process
• Changing jobs without telling your lender
• Forgetting to update your mortgage preapproval if it expires

Final Thoughts: Don’t House Hunt Without Mortgage Preapproval

In today’s market, skipping mortgage preapproval is like showing up to a gunfight with a butter knife. Buyers who come prepared with a strong mortgage preapproval letter from a reputable lender consistently win the best homes — often beating out higher offers that lack financing proof.

Take the first step today: Get preapproved with Metropolitan Mortgages and start shopping with confidence.

For the latest credit score guidelines, visit the official FICO resource myFICO. Loan terms and approval are subject to individual qualifications. This article is educational and not personalized financial advice.