Your Step-by-Step Guide to Getting Pre-Approved for a Mortgage

Who this article is for:

This article is designed for homebuyers and borrowers preparing to apply for a mortgage who want to understand the pre-approval process in detail.

Why we wrote it:

We aim to help prospective buyers make informed, confident decisions by clarifying what lenders evaluate before issuing a pre-approval.

Why you should read it:

In this quick guide, you’ll discover what information and documentation you’ll need, how lenders assess your eligibility, and how being pre-approved strengthens your home purchase journey.

What’s Needed for a Pre-Approval Application?

When you’re ready to make an offer on your dream home, one document can make all the difference: a pre-approval letter. Backed by a credible lender, the letter signals to sellers that you’re not just browsing… you’re actually financially prepared to buy.

Getting pre-approved helps you understand how much you can afford and gives you a strong starting point when negotiating.

But what exactly goes into a pre-approval application, and how do you prepare?

Let’s walk through the essentials.

Pre-Qualification vs. Pre-Approval: Know the Difference

Before diving in, it’s important to understand two terms that are often confused.

Pre-qualification is an estimate — a quick financial snapshot based on information you provide, often without documentation. It helps you gauge a potential price range, but doesn’t carry much weight with sellers.

Pre-approval, on the other hand, is a conditional commitment from a lender after reviewing your verified financial information. It’s the lender’s way of saying, “We’ve checked your numbers, and you’re good for this amount.”

Because pre-approvals typically last around 60 days, you’ll want to apply once you’re actively shopping. Your lender will re-check your finances before closing to ensure nothing has changed.

Step 1: Complete Your Loan Application

The process starts by filling out a loan application. This can often be done online through LendExIn’s secure portal. You’ll be asked for:

●       Personal details — name, address, Social Security number, and marital status

●       Employment history — current and past employers, position, and income

●       Financial information — your income, savings, debts, and other assets

●       Declarations — any bankruptcies, foreclosures, or outstanding obligations

If you’re applying with a co-borrower, they’ll need to provide the same details and documents.

Accuracy is key — your pre-approval depends on verified, consistent information.

Step 2: Gather Proof of Income

Your lender will need to see that you have a reliable and verifiable income. Prepare the following:

●       Recent pay stubs

●       W-2s or tax returns (typically two years’ worth)

●       Proof of any additional income (bonuses, commissions, rental income, etc.)

If you’re self-employed, you may need to submit business tax returns or bank statements to demonstrate income stability. The more complete your documentation, the faster the pre-approval process moves.

Step 3: Collect Asset Documentation

Your assets show that you can cover down payments and closing costs. You’ll need to share:

●       Recent bank statements (checking and savings)

●       Investment accounts (stocks, bonds, 401k, or IRA)

●       Any real estate or high-value assets you own

Lenders use this information to calculate your debt-to-income ratio (DTI) — a key factor in determining your borrowing power.

Step 4: Credit Check and Financial Review

Once your application and documents are submitted, LendExIn will review your credit report to evaluate how you manage debt. They’ll look at:

●       Payment history

●       Credit utilization

●       Length of credit history

●       Credit mix and new accounts

Your credit score helps determine the type of loan programs and interest rates you qualify for. If your score is on the lower end, your loan officer may suggest strategies to improve it or alternative lending programs to help you qualify.

Why Pre-Approval Matters

A pre-approval from LendExIn gives you a competitive advantage in the housing market. It shows sellers that:

●       You’re financially ready to purchase

●       You’ve already been vetted by a lender

●       You can move quickly when the right home comes along

It’s a signal of confidence and credibility — not only to the seller but also to yourself as a buyer.

Ready to Get Started?

A pre-approval is one of the smartest moves you can make before house-hunting. With LendExIn, the process is simple, secure, and transparent from start to finish.

Gather your financial documents, review your credit, and connect with a LendExIn loan specialist today to begin your pre-approval journey. You’ll be one step closer to owning your new home — with confidence.

Ready to start your journey?

Apply for pre-approval with LendExIn specialists today and take the first real step toward your new home.