IAFF members save up to $2,198 on their mortgage.*

Your Pre-Approval Questions Answered


Take the next step toward your homeownership goals

Understanding pre-approvals - and getting one for yourself - can make the homebuying process fast, simple, and smooth. While there's more to do upfront than for a pre-qualification, getting pre-approved puts you a step ahead of other buyers in the house hunt. Whether you've found your dream home already or are still searching, a pre-approval will put you on track to go from "homebuyer" to "homeowner" faster.

What's a pre-approval?

A pre-approval is a written commitment from a lender to extend a mortgage to you for a specific amount and time period.

While a pre-qualification can determine your ability to repay a loan based on the information you provide, a pre-approval requires an assessment of your creditworthiness. Your information is reviewed and verified by an underwriter, including an analysis of your financial status and credit history, before providing a loan amount and rate offer.

What are the advantages of getting pre-approved?

  1. Streamline the homebuying process
  2. Provide a realistic baseline for how much you can afford
  3. Demonstrate seriousness and capability to sellers
  4. Choose the best terms out of multiple lenders

What do I need to get pre-approved?

The pre-approval process requires an analysis of your credit and verification of your financial history. Your lender will run a hard credit check, and you'll provide the following documentation:

  • A completed mortgage application
  • Job and income history
  • Income tax returns
  • List of assets and liabilities
  • Legal identification
  • W-2 forms
  • Bank statements
  • Pay stubs

What factors go into a pre-approval?

When determining the loan type, amount, and rate you qualify for, your lender will consider the following:

  • Debt-to-income ratio
  • Loan-to-value ratio
  • Credit history
  • Credit score
  • Income and employment history

How long does the pre-approval process take?

The time between applying and getting pre-approved depends on the lender and your situation. At CrossCountry Mortgage, we go a step further than fast pre-approvals with our FastTrack Credit Approval process - getting you to closing in as few as 10 days after you've signed a purchase contract.*

How long does a pre-approval last?

Pre-approvals typically last 90 days. Haven't found or decided on a house in that time? No big deal! You can renew your pre-approval by updating your documentation and receiving a new credit check from your lender.

Now's the time to get pre-approved

Maybe you've found your dream home. Perhaps you're figuring out what you can afford in a new community. Or you could be ready to refinance or renovate your current house. Whatever your financing goals may be, getting pre-approved can help you nail down your options and achieve your objectives. Contact your CrossCountry Mortgage loan officer to start your pre-approval process today.

*CrossCountry Mortgage, LLC cannot guarantee that an applicant will be approved or that a closing can occur within a specific timeframe. Results will vary based on all involved parties’ level of participation at any stage of the loan process.

Let’s get started

Our dedicated mortgage experts are ready to get it done for you and your family.

Apply now