Get Florida Mortgage Pre Approval

On average, it takes 7-10 days to get a pre-approval, although in some cases it may take less time. To speed up the home loan pre-approval time, you should gather your financial documents that the lender will require (e.g., W2s, proof of income, tax returns, etc.).

Depending on the lender, pre-qualification can happen in person, over the phone or online.

Documents for mortgage preapproval Pay stubs from at least the past 30 days. Tax returns (including W-2s) from the past two years. Bank statements from the past two months to three months – checking, savings, money market accounts.

A prequalification or preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount. This document is based on certain assumptions and it is not a guaranteed loan offer.

Unlike prequalification, preapproval is a more specific estimate of what you could borrow from your lender and requires documents such as your W2, recent pay stubs, bank statements and tax returns. The lender will then use these documents to determine exactly how much you can be preapproved to borrow.

Although you can get a mortgage preapproval online, you'll still need to gather some financial documents to apply for a home loan. Generally, you'll need to provide: Current pay stubs. W-2s from the past two years.

If you're eligible for a mortgage, your lender will issue you a prequalification letter.

In order to obtain a mortgage pre-approval in Florida your lender will need the following: Debt-to-income (DTI) ratio. Loan-to-value (LTV) ratio. Income. Credit history. FICO score. Employment history.