What a Florida mortgage pre-approval actually is

A pre-approval is a lender’s written estimate of what you can borrow, based on your income, your debts and a credit check. It is not a loan, and it is not a guarantee. It is the document a Florida seller asks for before they take an offer seriously, and the number you should shop with.

It differs from a pre-qualification, which is a quick estimate from figures you state yourself. A pre-approval rests on a credit file and a real review of your numbers, so it carries more weight with a listing agent.

What happens after you submit

Four things, in order. A loan officer calls to talk through your goals. We run a soft credit check, which does not affect your score. We match you with the Florida loan program that fits your file. In most cases you get your pre-approval letter the same day.

You speak with Onias or a member of the team rather than a bot. We encrypt the data you enter and never sell it. If you still need a buyer’s agent, we can connect you with Pure Equity Realty.

What you need before you start

The form itself is short. It asks for your name, email, phone and the city you are buying in, then the loan type you think fits and your timeline. It takes about five minutes, and you need no documents to submit it.

Documents come next, once a loan officer has your file. A loan officer will ask most Florida borrowers for recent pay stubs, two years of W-2s or tax returns, and recent bank statements. Self-employed borrowers usually supply bank statements instead, and bank statement loans exist for exactly that case. Gathering them early is the single thing that most shortens a closing.

Which program to choose on the form

Pick the one closest to your situation. It is a starting point, not a commitment, and a loan officer will tell you if something else fits better.

FHA suits lower credit scores and small down payments. VA is for eligible veterans and service members and needs no down payment. USDA covers rural Florida with no down payment. Conventional is the benchmark for solid credit, and jumbo takes over above the county limit. Investors usually want DSCR, which qualifies on rent rather than personal income.

How long a pre-approval lasts

Most run 60 to 90 days. Credit reports and pay stubs age, so most lenders refresh a letter older than that before an offer goes in. Refreshing is quick when your file has not changed.

Two things to avoid in between: new debt and job changes. A car loan or a new credit card moves your debt-to-income ratio, and that ratio is what the approval rests on. If something does change, say so early rather than at closing.

What it costs

Nothing. There is no fee to apply and no fee for the letter, and the credit check is a soft pull at this stage. As a licensed Florida mortgage broker, NMLS# 1859012, we earn when a loan closes, not for looking at your file.

Want to see the numbers first? The affordability calculator estimates the price range your income supports. The payment calculator then shows what that price costs each month, once you add Florida taxes and insurance.

What slows a Florida pre-approval down

Four things account for most delays, and all four are easier to handle before you apply than after.

Deposits a lender cannot trace are the most common. Money that arrives in your account without a clear source needs a paper trail, and a gift needs a letter from whoever sent it. Keep that trail rather than moving money between accounts to tidy it up.

Self-employed income is the second. Deductions write a tax return down, so it understates what a business really earns, which is why bank statement programs exist. Say you are self-employed on the form so a loan officer picks the right program from the start.

Insurance is the third, and it is specific to Florida. On an older roof a quote can take days and can change the payment enough to change what you qualify for. Ask for a quote on the exact address early, not after a seller accepts an offer.

Credit is the fourth. A score sits in a band, and the band decides the rate. A borrower a few points below a threshold is often better off paying down a card first. If that applies to you, a loan officer will say so rather than push the file through.