Applying for a loan may take time, depending on the terms set by the financial institution you want to borrow money from. However, loans are worth waiting for, especially for purchasing a home for the first time. But of course, a quicker mortgage approval is best while you scout for a new house.

An approved mortgage loan can become a way to seal the deal with real estate agents. It is proof that a lender vetted you. The faster you get approved, the better your application will look in the eyes of real estate agents. But how will you speed up a mortgage approval? Here are some tips you can try!

Document Submission

For a pre-approved loan, you’ll need to supply documentation of your income, assets, and debts. Other documents include pay stubs, W-2s, and so on. It may be a lot of work but submitting these documents helps with pre-approval. Organize all these documents before applying for better chances.

Credit Check

Aside from the required documents, you will also need to oblige to a credit check. It will be advantageous to have it checked before your lender does to see if there are any errors in your credit that might affect your application. Checking it in advance can also give you a hint on your mortgage rate. By law, you are entitled to a free copy of your credit report from major credit bureaus once every year.


After lenders assess your financial profile, they’ll be able to determine whether you’re pre-approved or not, and for what amount. If luck is on your side and you get pre-approved, you’ll be issued a pre-approval letter.

Most lenders prefer the “28/36” qualifying ratio to figure out the monthly payment you can afford. In general, they prefer to see a mortgage payment of no more than 28% of your gross monthly income, among your other debts, such as credit cards, car loans, and others not more than 35% of your gross monthly income.

However, if you aim for a conventional mortgage, you must have a credit score of at least 620 to qualify. Having a lower credit score may get you mortgage pre-approval since other programs like FHA loans allow lower scores. But it will be more advantageous for you to have a higher credit score to receive lower interest rates.

How Long Does Pre-Approval Take?

Usually, it only takes a few days. But if you are subjected to an income audit, you might need to wait a little longer, like a couple of weeks. However, if everything goes in your favor, it’s possible to get pre-approved within a business day at most.


Getting your dream home is every adult’s dream. However, if you’re financially unprepared, mortgages can help you achieve your dreams. But mortgages take time if you don’t go over the process of pre-approval. Therefore, before you buckle up for the future, have everything you need pre-approved before securing your dreams.

At PrimeLine Capital, our best mortgage brokers can help you compare multiple lenders to make shopping for a mortgage easy. If you’re aiming for a dream home, we are here to help you secure that deal. It is our pride to help our clients get the best for them. Reach out to us today and let’s discuss how we can help you change your life.