Start smart. Shop confidently. Close faster.
Before you fall in love with a home—or start running numbers on your next investment—it’s important to know how much you can actually afford. That’s where mortgage pre-approval comes in. Whether you’re buying your first home, refinancing, or financing a BRRRR property, getting pre-approved gives you a clearer financial picture and a stronger hand when making offers.
Let’s break down what mortgage pre-approval means, how to get it, and what you’ll need along the way.
What Is Mortgage Pre-Approval?
Mortgage pre-approval is a lender’s way of saying, “Based on what we see, you’re good to go.” It means we’ve reviewed your income, credit, and assets and determined how much you could borrow—along with an estimated interest rate and loan program.
This isn’t just a piece of paper. It’s your home shopping power tool.
Pre-Approval vs. Prequalification: What’s the Difference?
– Prequalification gives you a quick estimate based on basic info you provide. No documents, no credit pull.
– Pre-approval goes deeper. We’ll review your financial documents and run a credit check. It’s more accurate—and sellers take it more seriously.
Want to run quick numbers first? Try our Mortgage Calculator or DSCR Calculator if you’re buying a rental.
Why Pre-Approval Matters
Getting pre-approved sets the tone for your entire homebuying or investment journey. Here’s why it’s worth it:
✅ You’ll know your budget — no more guessing.
✅ Sellers take your offer seriously — especially in competitive markets.
✅ You’ll uncover issues early — like a low credit score or missing documentation.
✅ You’ll be able to move faster once you find the right property.
Buying, Refinancing, or BRRRRing? Pre-Approval Covers It All
We offer pre-approvals across multiple loan types:
– FHA, VA, and Conventional Loans — Great for first-time and traditional homebuyers.
– DSCR Loans — For investors using rental income to qualify. Start with our Rental Property Calculator.
– Fix & Flip Loans — Pre-approval lets you move fast when deals pop up. Use our Fix & Flip Calculator to estimate your ROI.
– Refinance Options — Whether you’re lowering your rate or cashing out equity, get clarity on what you qualify for. Use our Refinance Calculator to see what your new monthly payment could look like.
– HELOCs — Access the equity in your home. Know your numbers with our Home Equity Calculator
What You Need To Get Pre-Approved (For Buying or Refinancing a Home)
If you’re purchasing or refinancing your home, here’s what you’ll typically need:
– Recent pay stubs
– W-2s or tax returns (usually 2 years)
– Bank statements (checking, savings, retirement)
– Social Security number (for the credit pull)
– A valid ID (like a driver’s license)
– Details about your current mortgage (if refinancing)
These help us verify your employment, income, and ability to repay the loan.
What You Need To Get Pre-Approved (For Investment Properties)
If you’re financing or refinancing a rental property or flip, your paperwork may look slightly different:
– Property income details (rent roll, lease agreements, or projected rents)
– DSCR ratios (we can help calculate this using our Rental Property Calculator)
– Rehab budget (if using a Fix & Flip loan)
– LLC or business documentation
– Personal or business bank statements
Investors can also run quick estimates using our Fix & Flip Calculator or DSCR Calculator.
When Should You Get Pre-Approved?
If you’re serious about buying—or even browsing—get pre-approved early. Your letter is typically good for 60–90 days, and it can be easily updated.
– Starting your investment search?
– Touring homes next weekend?
– Planning to refinance soon?
Now is the time.
How the Pre-Approval Process Works at VP Capital Lending
We make it simple:
- Start your application online — It only takes a few minutes. Start Now
- View your personalized options — see your max loan amount, projected monthly payment, and rate offer based on real data —not guesses.
- Download your Pre-Approval Letter — use it to tour homes, make offers, and show sellers you’re ready to go.
Common Pre-Approval Questions: Buying or Refinancing a Home
- How long does pre-approval last?
Typically 60–90 days. If you’re still house hunting after that, we can easily renew it with updated paperwork. - Does getting pre-approved hurt my credit?
It involves a hard credit pull, which might drop your score by a few points. But if you apply with multiple lenders within a 30-day window, it usually counts as one inquiry. - Can I get pre-approved with bad credit?
Yes—especially with FHA loans, which accept scores as low as 580. A strong income, low debt, or bigger down payment can also help.Want to estimate your loan before applying? Use our Mortgage Calculator.
- Can I get denied after being pre-approved?
It’s rare, but possible. Big changes like switching jobs, taking on new debt, or dropping your credit score could affect your final approval.
Common Pre-Approval Questions: Investment Properties
- Do you pull my credit for investment property pre-approval?
Yes, but only a soft pull. This lets us evaluate your profile without impacting your credit score—ideal for investors running numbers across multiple properties. - Can I get pre-approved for a rental property without tax returns?
Yes—our DSCR Loans qualify you based on rental income instead of personal income. You can run the numbers using our Rental Property Calculator. - Do I need to buy investment property under an LLC?
All of our investment property loans must be made to an entity (typically an LLC). If you don’t have one set up yet, we can guide you through the process or recommend a resource to help. - What credit score do I need for investment loans?
Typically, you’ll want a score of 660 or higher for rental loans and 650+ for Fix & Flip. Higher scores can help lower your rate and give you better terms. - How do you calculate loan amounts for DSCR or Fix & Flip loans?
- DSCR Loans: We use your rental income to determine if it covers the mortgage and expenses.
- Fix & Flip: We factor in the purchase price and renovation budget. Use our Fix & Flip Calculator to estimate profit and funding needs.
Ready To Get Pre-Approved?
Whether you’re looking to buy, invest, or refinance—pre-approval is the first real step in turning that plan into reality.
- Start My Application
- Try the Fix & Flip Calculator
- Use the DSCR Rental Calculator
- Run the Mortgage Calculator
- Check Your Home Equity
VP Capital Lending is here to guide you from pre-approval to closing day—whether it’s your first home or your fifth investment.
