Quick answer
A pre-approval is a lender’s letter stating how much it is willing to lend you, usually issued after it checks your credit and reviews documents that verify your income and assets. Sellers often expect one with an offer, but it isn’t a guaranteed loan offer: final approval still depends on underwriting, the appraisal and your finances staying the same.
Key facts
4months
Fannie Mae: oldest a credit, income or asset document can be at closing
Fannie Mae Selling Guide B1-1-03 · Apr 2, 2025
What the lender reviews
Expect a credit check and requests for recent pay stubs, W-2s or tax returns, and bank statements. Many lenders also run the file through automated underwriting, which makes the letter more meaningful. Because mortgage credit checks within 45 days generally count as one inquiry, you can get pre-approved by more than one lender and compare their Loan Estimates once you have a property address to apply with. Some lenders call this same letter a pre-qualification, so ask what was verified.
How long it lasts
Letters carry an expiration date, partly because documents go stale: Fannie Mae requires credit, income and asset documents to be no more than 4 months old on the note date, so a long search may mean updating them. Talk to your lender before financing a car or changing jobs, since either can change the amount. The pre-approval guide walks through the steps.
Sources
- CFPB — Mortgage credit checks within this window count as one inquiry (Aug 28, 2026)
- Fannie Mae Selling Guide B1-1-03 — Fannie Mae: credit, income, employment and asset documents may be no older than this on the note date (Apr 2, 2025)
- CFPB: What’s the difference between a prequalification letter and a preapproval letter?
Last reviewed Figures are checked against the sources above. Read our editorial policy. This page is general information, not financial advice — see the disclaimer.