Pre-Approval Helps You Make Stronger Offers
Buyers compete for homes across St. Louis every week, and sellers view pre-approved offers as serious commitments backed by verified financials. Your bid stands out in multiple-offer situations when you present a pre-approval letter from a trusted lender, and in fast-moving neighborhoods, pre-approval lets you act within hours of a new listing.
How Long Pre-Approval Takes
With complete documents, expect conditional approval in one to two business days. Our process reviews your income, credit score, and assets to determine your loan amount. Speed matters when desirable listings appear midweek for weekend showings — being ready to submit a pre-approved offer immediately is a real advantage.
Documents You Need for Pre-Approval
Preparing your records before you contact a broker saves time. You’ll typically need two recent pay stubs showing year-to-date earnings, two years of federal tax returns, recent bank statements, and identification. Your lending specialist uses these to verify your finances and calculate your loan estimate. Gathering them up front prevents the most common source of delay.
Credit Score Requirements
Different programs require different minimum scores. Conventional loans typically need 620 or higher, FHA loans go as low as 580 (or 500–579 with a larger down payment), and VA and USDA have flexible standards. Your score also affects your rate and monthly payment, so knowing where you stand helps you choose the right program and avoid wasted applications.
Pre-Approval vs. Pre-Qualification
Pre-approval includes verified income and credit through a formal documentation review, producing a letter sellers trust. Pre-qualification is an estimate based on information you provide, without document verification or a hard credit pull. Pre-qualification is a fine first read on affordability; pre-approval is what you want in hand when you’re ready to make offers.
How to Maintain Your Pre-Approval While House Hunting
Once approved, protect your status. Avoid opening new credit accounts, financing large purchases, or changing jobs before closing, because lenders re-verify your finances before final approval — and each new account changes your debt-to-income ratio and can jeopardize the loan. If a major change is unavoidable, tell us first so we can advise.
Frequently Asked Questions
Can I get pre-approved if I’m self-employed?
Yes. You’ll provide two years of tax returns and profit-and-loss statements to verify income, and the process is otherwise the same. We help you present your business income clearly.
Does pre-approval guarantee final loan approval?
No — it’s a strong conditional commitment based on verified information, but final approval still depends on the appraisal, title work, and your finances remaining unchanged.
How long is a pre-approval letter valid?
Typically 60–90 days. If your search runs longer, we refresh it with updated documents.
Does getting pre-approved hurt my credit?
It involves a hard credit pull, which may lower your score slightly and temporarily. Multiple mortgage inquiries in a short window are generally treated as one for scoring purposes.
What’s the difference between pre-approval and final approval?
Pre-approval verifies your income, credit, and assets up front. Final approval adds the property-specific steps — appraisal and title — and confirms nothing has changed.
Learn more: How to Get Preapproved for a Mortgage — Bankrate — Explains what mortgage pre‑approval is, outlines the pre‑approval process, and emphasizes why pre‑approval strengthens a buyer’s offer.