Pre-qualification vs pre-approval
Pre-qualification is an informal estimate based on stated numbers. Pre-approval is a verified review of your credit report, income, and assets — it's what listing agents in Florida expect to see with your offer.
What you'll typically provide
Two years of W-2s or tax returns, 30 days of pay stubs, two months of bank statements, a photo ID, and authorization to pull credit. Self-employed borrowers usually add profit and loss statements and business bank statements.
How long it takes
Most borrowers receive a pre-approval within 24–72 hours once documents are complete. A conditional approval — a deeper underwriter review before you're even under contract — can strengthen offers further.
What can change after pre-approval
New debts, job changes, large undocumented deposits, or credit score drops can all affect your approval. Avoid financing furniture or opening credit cards until after closing.
Key takeaways
- Pre-approval is verified; pre-qualification is not.
- Expect to provide income, asset, and identity docs.
- Most pre-approvals turn around in 1–3 business days.
- Keep finances stable until closing.
Frequently asked questions
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