Redfin

JULY 9, 2025

Getting pre-approved for a mortgage is one of the first steps in the homebuying journey. But if you’re ready to start shopping for a home, you might be wondering: how long does it take to get pre-approved for a mortgage? What is mortgage pre-approval? Why it matters: It helps you set a realistic budget.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

A pre-approval letter must be included, and proof of funds can also help in a seller’s market. Final Loan Approval Before you close on the home, avoid making any changes to your finances that could undermine your approval. You don’t want to be denied the loan after being approved.

Purchase and sale agreement

Redfin

JULY 30, 2025

Lower your debt-to-income ratio: Paying down existing debt can improve your financial profile, helping you qualify for lower interest rates. Should I get pre-qualified or pre-approved for a mortgage? If you’re considering buying a home, you’ve likely heard of getting pre-qualified or pre-approved.

Pre-approval

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). DTI is calculated by dividing total monthly debts by gross monthly income. The number is then multiplied by 100 to get the final percentage.

Earnest money deposit

The Close

DECEMBER 29, 2022

If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. Debt-to-income ratio (DTI). Pre-approval. However, your clients need to know the difference between pre-approval and prequalification (see below).

Purchase and sale agreement