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    Why Should I Get Preapproved for a Mortgage?

    5/16/2025
    2 min
    Learn the advantages and required documents to start the process

    When it comes to buying a home, the more prepared you are, the better experience you will likely have. One of the most important steps you can take is getting preapproved for a mortgage. Preapproval helps prevent obstacles you could face after finding your dream home.

    What are the benefits of mortgage preapproval?

    • Determines your spending: Getting preapproved for a mortgage gives you a clear understanding of how much you can realistically spend so you can better focus on your home search. This also prevents the disappointment of falling in love with a property that’s out of budget. You can use our mortgage calculators to help determine how much you can afford.
    • Strengthens your offer: In a competitive market, a preapproval letter can give you an edge over other buyers. It shows the seller that you are a qualified buyer and are serious about making a home purchase, which can make your offer more attractive.
    • Prevents delays: Since a lot of financial determinations are made during the preapproval process, you can expect a faster closing once you find the home you want to buy.
    • Identifies potential issues: During the preapproval process, lenders will assess credit history, income and other financial details. This can help identify any errors or potential issues that may affect your ability to quickly purchase. Addressing these issues early on can save you time later.
    • Reduces stress: Knowing that you have been preapproved can provide peace of mind as you navigate the homebuying process. It provides a sense of security and confidence, allowing you to focus on finding your dream home.

    How long does mortgage preapproval last?

    At Credit Human, a mortgage preapproval lasts for 90 days. For most lenders, mortgage preapproval typically lasts for 60-90 days, however, it’s best to confirm the specific timeframe with the lender.

    What documents do I need for mortgage preapproval?

    Getting preapproved for a mortgage is a straightforward process. Here are the documents you can gather to prepare.

    • Personal identification
    • Social Security card
    • Pay stubs
    • Bank statements
    • Tax documents
    • Investment account statements
    • List of monthly debts
    • Rental information
    • Landlord references
    • Recent credit report

    Can I submit a mortgage preapproval online?

    Yes. You can submit your mortgage preapproval application completely online. Visit our home loans page for more information. We’re here to support you through every step of your homebuying journey. For personalized financial guidance, make an appointment at your nearest Financial Health Center.