How to Get Pre-Approved for a Mortgage as a First-Time Buyer

Buying your first home is an exciting step—but before you start browsing listings or touring neighborhoods, there’s one important move that can give you a major advantage: getting pre-approved for a mortgage. Pre-approval not only shows sellers that you’re serious, but it also helps you understand what you can afford and sets the tone for a smoother buying process.

Here’s everything first-time buyers need to know about how to get pre-approved.

What Is Mortgage Pre-Approval?

Mortgage pre-approval is a formal letter from a lender stating how much money you’re qualified to borrow, based on your current financial situation. It’s not a final loan offer, but it’s a strong indication that a lender is willing to finance your home purchase up to a certain amount.

Step 1: Check Your Credit

Your credit score plays a major role in determining your mortgage eligibility. Before applying for pre-approval, check your score with all three major bureaus (Experian, Equifax, and TransUnion). Most lenders look for a minimum score of 620 for conventional loans, though higher scores can qualify you for better rates.

Tip: If your score is low, consider paying down debts, correcting any errors on your report, and avoiding new credit inquiries before applying.

Step 2: Gather Your Documents

Lenders will want to see proof of your income, assets, and debts to evaluate how much you can afford. Here’s what you’ll typically need to provide:

• Recent pay stubs (last 30 days)

• W-2 forms and/or tax returns (last 2 years)

• Bank statements (last 2-3 months)

• Proof of assets (investment accounts, retirement funds)

• ID and Social Security number

• List of monthly debts (car payments, student loans, credit cards)

Being organized with these documents will speed up the pre-approval process.

Step 3: Choose a Lender

Not all mortgage lenders are the same. Some offer better rates, lower fees, or more flexibility for first-time buyers. Shop around and compare options. If you're a veteran, for example, you may qualify for a VA loan with no down payment through a lender like Mortgage Pipeline that specializes in VA financing.

Look for a lender that’s responsive, transparent, and willing to walk you through the process.

Step 4: Apply for Pre-Approval

Once you’ve chosen your lender and gathered your documents, it’s time to apply. This can often be done online, over the phone, or in person. The lender will review your financial details, run a credit check, and determine how much you’re qualified to borrow.

This process usually takes a few days, though some lenders (like Mortgage Pipeline) offer same-day pre-approvals for qualified applicants.

Step 5: Get Your Pre-Approval Letter

If you’re approved, the lender will issue a pre-approval letter stating the loan amount you’re qualified for. This letter is typically valid for 60 to 90 days and can be presented to real estate agents and sellers when making offers.

Having a pre-approval letter in hand gives you a competitive edge—especially in a hot market—because it shows sellers that you're a serious and financially qualified buyer.

What Happens Next?

With your pre-approval letter in hand, you’re ready to:

• Work with a real estate agent to find homes in your price range

• Make stronger offers with confidence

• Move quickly once you find the right property

Just keep in mind that pre-approval is not a guarantee of final loan approval. Once you find a home and go under contract, your lender will finalize the loan based on a deeper review of your finances, the home appraisal, and other underwriting steps.

Getting pre-approved is one of the smartest things you can do as a first-time homebuyer. It gives you a clear picture of your budget, helps you avoid surprises, and positions you as a serious buyer.

Ready to take the first step toward homeownership? Contact Mortgage Pipeline today—we’ll help you get pre-approved quickly and confidently so you can focus on finding the perfect home.