How To Get Preapproved for a Mortgage in US 2024

Applying for a mortgage preapproval isn’t hard. You can do it online, by phone or in person, depending on the lender. Follow these general steps:

Provide personal information:

Lenders need your name, address, phone number and Social Security number or individual taxpayer identification number (ITIN). Be prepared to show your driver’s license or other state-issued ID as well.

Authorize the lender to pull your credit report:

Lenders need your permission to do a hard credit check because it can have a small impact on your credit score.

Provide proof of income and assets:

Copies of documents such as recent paystubs, W-2s, tax returns and bank statements help demonstrate your financial stability and ability to repay the loan.

Once the lender has reviewed your information, they’ll decide whether to offer you a loan and how much you can borrow.

The more information they look at up front, the more confidence you can have that there won’t be any unpleasant surprises later. With a mortgage preapproval letter, home sellers will know you’re a serious buyer.