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Getting pre-approved for a mortgage can help you avoid a lot of disappointment and save you from wasting your time looking at homes that are out of your price range. It can also speed up the final mortgage approval process and encourage sellers to look your way.
Let’s go into more detail about pre-approvals and why you should consider getting pre-approved before you start your search for a new home.
In simple terms, mortgage pre-approval is like being pre-screened by a lender. The mortgage company will examine your income, debts, assets, and credit score to determine how much they are willing to lend you.
The mortgage pre-approval process in Washington State is fairly straightforward and can generally be completed within a few days.
One of the goals is to determine how much you can realistically afford, before driving around town to view homes for sale. Some home buyers rush into the house hunting stage before they’ve even spoken to a mortgage lender. As a result, they often end up wasting time looking at properties that are well over their price range. Pre-approval can help you avoid this.
Getting pre-approved for a mortgage loan in Washington State can benefit you in several ways. We touched on one of those benefits already. It can make your house hunting experience more efficient.
Of course, if you’re planning to make an all-cash offer on a house, you won’t need to work with a lender. But the majority of home buyers in Washington State do use mortgage loans to complete their purchases. If you fall into this latter group, there’s an obvious benefit of getting pre-approved for a mortgage.
As mentioned earlier, the pre-approval process in Washington State is mostly straightforward. The process usually begins with the borrower completing a standard loan application. The full name of this document is the Uniform Residential Loan Application, or Fannie Mae form 1003. (You can find a sample online if you’d like to preview it.)
You’ll also be asked to provide a variety of documents during the mortgage pre-approval process. These documents are used for verification purposes, and they typically include tax returns, W-2 forms, pay stubs, and bank statements (among others).
Based on all of this, the lender will issue a pre-approval letter with a specified loan amount. You can use this letter to support your offer when you’re ready to buy a home. The pre-approval letter shows sellers that you are serious about buying their home and that you have your financing squared away. This works to your advantage.
While both mortgage pre-approval and pre-qualification help you understand your borrowing power, they differ in timing, formality, and reliability:
Pre-qualification provides an informal estimate based on self-reported information about your income, debts, and assets. No credit check is required. It can help you get a general idea of what you can afford and may be useful in the early stages of home shopping.
Mortgage pre-approval is a formal process that involves in-depth document verification and a hard credit check. It provides a specific loan amount that you may be able to afford and includes an interest rate you’re conditionally approved for.
| Note: A pre-approval may be processed with a soft-pull credit report, which has no impact on your credit score. However, once the property is under contract, a hard pull is required as a loan cannot be closed with a soft pull. A hard pull will impact your credit score. |
Pro Tip: Check out our 2026 Conforming Loan Limits and FHA Loan Limits pages to help you understand how much you can borrow with a specific mortgage program.
There are things buyers may get wrong after getting pre-approved for a mortgage, such as the following:
Do you have questions about mortgages in Washington? If so, Sammamish Mortgage can help. We are a local mortgage company serving borrowers in Washington, Oregon, Idaho, Colorado, and California since 1992. We offer many mortgage programs with flexible qualifcation criteria, including our fixed-rate mortgages, adjustable-rate mortgages (ARMs), and jumbo loans, among others. Visit our website to get an instant rate quote or to use our online mortgage calculator. Please contact us if you have any questions or are ready to get pre-approved for a mortgage.
It can, as sellers typically see pre-approved buyers as serious and financially prepared, which can make your offer more attractive.
Yes, it gives you a clear idea of how much you can afford, helping you focus on homes within your price range.
Yes, the mortgage approval process can be expedited since much of the financial review is done upfront. Once you find a home, it can speed up closing.
It typically takes a few days, depending on your lender and how quickly you submit your documents.
Some lenders let lock in a rate for a certain amount of time, protecting you from increases in rates while you shop. Keep in mind that to lock in your rate, a property must be specified and a mutually signed contract must be in place.
Yes, you can be turned down for financing if your financial situation changes or the property doesn’t meet lender standards.
Yes, it triggers a hard credit check, which may cause your credit score to dip temporarily. Lenders can process a pre-approval with a soft-pull credit report, which won’t affect your credit. However, once the property is under contract and moving forward, a hard pull would be required, which would affect your credit score, as the loan cannot be closed with a soft-pull.
Whether you’re buying a home or ready to refinance, our professionals can help.
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