Jordan Vreeland
Licensed Mortgage Broker · NMLS #795404
There's a version of pre-approval that's essentially a polite guess, and a version that's backed by real underwriting. One wins competitive offers. One doesn't. Here's the difference and how to get the right one.
Most buyers come into this process thinking pre-approval is pre-approval. It's not. There are three distinct levels, and the one you have determines how seriously sellers take your offer.
At 14 Days To Close, we run DU on every file before you start house hunting. See the full breakdown in our guide to pre-qualification vs. pre-approval vs. DU approval.
When you apply for pre-approval, lenders look at four things: your credit, your income, your assets, and your debt load. Each one affects how much you can borrow and at what rate.
Most loan programs have a minimum score. FHA loans require at least 580 for 3.5% down. Conventional loans typically require 620 or higher. VA loans don't have a hard minimum, but most lenders want to see 580 to 620. A higher score means better rate options. If your score is borderline, a loan officer can usually tell you what to pay down or fix before you apply.
Lenders verify you have steady, documented income. W-2 employees are the easiest to verify: two years of W-2s, a month of pay stubs, and you're done. Self-employed borrowers need two years of tax returns and business documentation. The key number lenders calculate is your debt-to-income ratio (DTI): your total monthly debt payments divided by your gross monthly income. Most programs want DTI below 43 to 45%.
Lenders want to see that your down payment and closing costs are coming from verified funds. Two to three months of bank statements typically. If you're receiving a gift, you'll need a gift letter. Large unexplained deposits will require a paper trail. The cleaner your bank statements, the faster this piece moves.
We run DU on every file before you start shopping. That means your pre-approval letter has real underwriting behind it, not just a conversation. Start the process online or call Jordan directly.
Having these ready before you apply is one of the single biggest things you can do to speed up the process. Lenders can't move forward without them, and every day spent chasing a document is a day added to your timeline.
Self-employed borrowers also need two years of business tax returns, a year-to-date profit and loss statement, and business bank statements.
We don't make this complicated. Here's exactly how it works when you work with us.
Pre-approval isn't the end. It's the starting line. Once you're pre-approved, you're cleared to start shopping. Your letter will specify a maximum loan amount and typically has an expiration date of 60 to 90 days.
When you make an offer and it's accepted, your lender moves into the full application and underwriting phase. The strength of your pre-approval determines how smooth that transition is. A DU-backed file usually sails through final underwriting because the automated decision was already made. A basic pre-qual borrower often faces more conditions, more documentation requests, and more delays.
Keep your financial situation stable between pre-approval and closing. Don't open new credit accounts. Don't make large purchases. Don't change jobs. Lenders verify your financial profile again before funding. Anything that changed since the pre-approval will need to be re-evaluated.
For a full breakdown of what happens from pre-approval to keys in hand, see our guide to the mortgage approval process.
A DU-backed pre-approval from 14 Days To Close puts you ahead of every buyer who's still waiting on a basic pre-qual letter from their bank.