Question 1

Does pre-approval guarantee I'll get the loan?

Accepted Answer

Pre-approval is conditional. You'll still need a full underwriting process after you're under contract. But as long as your financial situation doesn't change (new debts, job loss, etc.), pre-approval is a strong indicator you'll be approved.

Question 2

Will getting pre-approved hurt my credit score?

Accepted Answer

Initial credit checks for pre-approval are typically soft inquiries that don't affect your score. Multiple mortgage inquiries within a short window (14-45 days depending on the credit scoring model) count as one inquiry, so shop around without worry.

Question 3

How long does pre-approval last?

Accepted Answer

Most pre-approvals are valid for 60-90 days. If your home search takes longer, you'll need to update your financial documents and get re-approved.

Question 4

How much down payment do I need?

Accepted Answer

It depends on your loan type. Conventional loans can require as little as 3% down for first-time buyers. FHA loans require 3.5%. VA and USDA loans offer 0% down options for qualified buyers. Your lender will explain your options.

Question 5

Can I get pre-approved if I'm self-employed?

Accepted Answer

Yes. Self-employed buyers typically need to provide additional documentation (usually 2 years of tax returns and profit/loss statements), but plenty of self-employed people get approved every day.

Question 6

What if I have student loans or other debt?

Accepted Answer

Lenders look at your debt-to-income ratio (DTI), or how much of your monthly income goes toward debt payments. Student loans, car loans, and credit cards all factor in, but many buyers with debt still qualify. Your lender will help you understand your specific situation.

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