How long does it take to get pre approved for a house?

I saw this house that i really liked. We want to make an offer but i was told we need a pre approval letter. How long does it take to get that? I don't want somebody else to get the house i love. I live in California if that matters.

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  • 1 decade ago
    Favorite Answer

    Being "pre-approved" and "pre-qualified" is not the same. Getting pre-qualified is really quick. Go talk to a loan officer and they can generally get you pre-qualified within minutes. We made and offer on our house after just being pre-qualified but the seller came back and wanted a pre-approval letter.

    Pre-approval or just plain approval is a little more involved. The loan officer will make sure you have all the documentation needed and have you fill out an application.

    You will need

    most recent W-2's

    Last 2 months of pay check stubs

    Photo ID

    Documentation for any other loans you have out there. If you have student loans, you need something saying how much your payment is etc. They can sometimes get this information from your credit report.

    Banks are tightening up credit standards and in order to get a pre-approval they will run your information through an automated underwriting. If you have all the information you need handy and your debt to income ratios look good, it should be painless. To get an approval, they will have a actual underwriter look at your information.

    If you are worried the house will go quickly (which in your market I wouldn't worry about it too much) get a pre-qualification letter and have your Realtor write up an offer. Have your loan officer work on the approval as well.

    Good luck!

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  • 5 years ago

    I had an appointment I went and I was pre approved in 20 minutes

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  • 1 decade ago

    Get with a professional mortgage broker. It will take 15-20 min to pull credit, gather employment, asset info together, etc.

    If your work history is complicated (lots of diff jobs, hourly pay, etc) determining income is a challenge. A mortgage professional will KNOW the ways underwriters will look at your income. Your personal banker at the local branch (likely) will not.

    Mortgage brokers can SHOP your loan to several different lenders. A banker is stuck with his underwriters/guidelines.

    The only purchase loans available to 100% are:

    1) VA for current/former servicemen/women in good standing

    2) USDA rural housing

    3) FHA with 3% down payment assistance

    I closed a handful of FHA purchases and one USDA this month. Each put $1000 - $2000 into the house netting $15000 - $25000 in equity when they got their keys. You can too!

    Best of luck!

    Source(s): Mortgage professional.
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  • 1 decade ago

    My husband and I walked to our bank and made an appointment to see a mortgage specialist for the very next day. We went to see her, brought all of our information about our bank accounts, loans, credit card debt, etc, and she had us pre-approved within 20 minutes! And for way more than we expected! it was awesome

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  • Anonymous
    1 decade ago

    You can be pre-approved in a matter of minutes. I love working with Wells Fargo. You can call them or go right to their website and they will pre-qualify you in a matter of minutes.

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  • Anonymous
    5 years ago

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  • afton
    Lv 4
    4 years ago

    I often end up submitting the same thing on other sites

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  • 4 years ago

    This is bugging me as well

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