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Pre-Approval


Mortgage Pre-Approval in Just Two Hours with Fidelity!

We will get you a mortgage pre-approval (qualified customers) in less than two hours. As you search for a Florida home, getting pre-approved for a mortgage is an important step. Once approved, your Fidelity Home Loan advisor will furnish you a pre-approval letter for a particular lender. This initial step can best determine your total budget and the Florida home budget and identify a mortgage payment you can afford. Naturally, we are going to need some information from you to get you on your way to Florida home ownership.

Items Reviewed by Lenders for pre-approval

  • Your credit history
  • Credit score
  • Debt-to-income ratio
  • Employment history
  • Income
  • Assets and liabilities

Pre-Approval Documents for Florida Home Mortgages

  • 60 days of bank statements
  • 30 days of pay stubs
  • W-2 tax returns from the prior two years
  • Schedule K-1 (Form 1065) for self-employed borrowers
  • Income tax returns
  • Asset account statements (retirement savings, stocks, bonds, mutual funds, etc.)
  • Driver’s license or U.S. passport
  • Divorce papers (to use alimony or child support as qualifying income)
  • Gift letter (if funding your down payment with a financial gift from a relative)

Prequalification is NOT Pre-Approval

You've likely heard the term "prequalification" used synonymously with pre-approval, but they are not the same. Prequalification’s are frequently done by real estate professionals and mortgage brokers alike. You simply provide an overview of your income, savings, liabilities and credit score and the agent or broker will identify a home price range and estimated monthly payment. While mortgage prequalification is a useful tool, it is not the same as the lender pulling all the information above, analyze it, and make a monetary determination relative to a home loan amount. However, the lender doesn't pull your credit reports or verify your financial information.


A pre-approval means filling out a mortgage application and providing your Social Security number so that a lender can do a hard credit check. For this process, a lender pulls your credit report and credit score to assess your creditworthiness before determining to lend you money. These checks are recorded on your credit report and can impact your credit score. You will also provide all your banking information, assets, debts, income and employment history, past addresses, and other critical details for a lender to confirm. The reason for this is to make sure you can repay your loan. Lenders also use the provided information to calculate your debt-to-income (DTI) and loan-to-value (LTV) ratios, which are important elements in deciding the interest rate and perfect loan type.

Can I Start Looking at Homes Without Pre-Approval?

You can definitely start looking online. However, if you want to actively see homes in person, real estate agents prefer to show homes to individuals or couples that have a pre-approval letter. This demonstrates that the buyer is financially capable of purchasing a home up to a certain price. Moreover, the pre-approval letter guides the house hunting budget and lets real estate agents understand your purchasing power.

Get Mortgage Loan Pre-Approval First

Having a lender willing to finance your mortgage before finding a property will make the entire Florida home buying / mortgage process easier. Financing is tougher to get these days and being prepared is always a prudent first step in the home buying process. This way, there are no surprises, which will make glad you did when you go to close your loan. In this way, you will have a budget to work from, which will speed up your Florida home search.


Related Links
Home Buyers Guide
Vacation Home

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