Mortgage Pre-Approval
Same-Day Mortgage Pre-Approval Letter
A pre-approval letter is what sellers actually accept when you write an offer. Rate Direct issues same-day pre-approval letters once you complete a short application - and you can see live rates upfront with no info required.
Check the rate first - then apply
Use the live pricer below to see your scenario at wholesale rates with no personal info. When you are ready, complete the application and we issue your pre-approval letter the same business day.
Conventional Loan Facts
- Down payment as low as 3% for first-time homebuyers, 5% for others
- Down payment assistance programs available to fully cover the 3% down payment
- Private Mortgage Insurance (PMI) required below 80% LTV - automatically removed at 78%
- Maximum DTI typically 45%, up to 50% with strong compensating factors
- Minimum credit score generally 620; best rates at 740+
- Available for primary residence, second home, or investment property
- No upfront mortgage insurance premium - only monthly PMI if applicable
What to Have Ready for Same-Day Pre-Approval
- Two most recent pay stubs (or W-2s if recently changed jobs)
- Two most recent W-2s and federal tax returns (self-employed: 2 years personal + business returns)
- Two most recent bank statements for asset verification
- Photo ID
- If self-employed: YTD profit/loss + bank statements for the business
- If using gift funds: anticipated gift letter language
You do not need every document to start - the application takes 15 minutes with what you have on hand. Documents are uploaded after the initial submission.
Frequently Asked Questions
What is a mortgage pre-approval letter?+
A pre-approval letter is a lender's written confirmation that you qualify for a specific loan amount based on a real credit pull, income/asset review, and automated underwriting decisioning. Sellers use it as proof you can actually close.
Is pre-approval the same as pre-qualification?+
No. Pre-qualification is a self-reported soft check, typically without a credit pull. Pre-approval is real underwriting. In 2026 competitive markets, only pre-approval letters carry weight.
How fast can I get pre-approved?+
Same day with a completed application. The application takes 15-20 minutes. After credit pull and automated underwriting, your loan officer issues the letter the same business day in most cases.
Does pre-approval pull my credit?+
Yes - pre-approval requires a hard credit pull. Multiple mortgage inquiries within 14-45 days count as a single inquiry for FICO scoring purposes, so shopping is fine.
How long is a pre-approval valid?+
60-90 days typically. After expiration, the lender re-runs credit and verifies updated income/asset documentation. Pre-approval is refreshable.
Can I get a pre-approval letter for a specific offer amount?+
Yes - lenders can issue a letter for the exact amount of the offer rather than your maximum. This protects negotiating leverage with the seller. Just request the specific amount when your loan officer issues the letter.
Will Rate Direct give me a pre-approval without sharing info?+
Pre-approval requires real underwriting, which requires personal info, employment verification, and a credit pull. Live RATE QUOTES (the pricer above) require no info; the pre-approval itself does.
Start your application
Same-day pre-approval. $0 origination, $2,000 guarantee on qualifying loans.
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Shopping checklist
First-time buyer