How Long Does Mortgage Pre-Qualification Take?

Reader Question: How long does it take to get pre-qualified for a mortgage loan?

The actual process of pre-qualification is usually pretty quick, because it's just a basic review of your finances. Of course, it depends on many things. How big is the bank, and how much of a backlog do they currently have? Do you have all of your paperwork squared away? Are there issues in your background that will require further clarification from the lender?

All of these questions affect how long it takes to get pre-qualified for a mortgage loan. I once showed up for this process and was done with it in about two hours. I've also heard of people who had to wait several days for the lender to get back to them.

Keep in mind that the pre-qualification process is different from the pre-approval. The former is a quick review of your finances to give you an estimated loan amount you might qualify for. The latter (pre-approval) is a more in-depth review of your finances, and a firmer commitment from the bank.

With all of that being said, you can expedite the pre-qual process by asking what they need from you in advance, and rounding up all of that information prior to your meeting (or prior to applying online if you go the Internet route). In most cases, this includes your W-2 statements for the last two years, proof of income such as pay stubs, and any other financial / asset documentation you have.

Here's an article on the main website you might want to check out:
Pre-qualification and pre-approval letters

And here's a blog post that walks you through the overall process of mortgage approval. It's worth a read too.

Hope that helps. Good luck, and happy holidays.