Will I get approved?
Will I get approved for a mortgage?
Most buyers who worry about qualifying do qualify. The ones who do not usually have a specific reason, and it often shows up before they apply.
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This is not a prediction or an approval percentage. Preqly verifies what can be verified now, so you can shop on a real number.
The three stages
- Pre-approval
- Conditional
- Final
At a glance
The three stages
Where your file sits
Most buyers who worry about qualifying do qualify. The ones who do not usually have a specific, nameable reason.
Many of those reasons show up before you apply, if you know where to look. That is what this page is for.
The three approval stages
Where your file sits, and what still has to happen
Credit and employment are re-checked shortly before closing, so change nothing meanwhile.
Three stages
Pre-approval, conditional, final
These get used interchangeably. They mean different things, and knowing which one you are at tells you how safe you are.
Pre-approval
A lender's assessment of your finances. No property involved yet. This is the letter you attach to an offer. What is inside it.
Conditional approval
An underwriter has reviewed the file and said yes, with a list of items still to clear. Most files sit here for a few weeks.
Final approval, or clear to close
All conditions satisfied, the appraisal is in, and your credit and employment have been re-checked. The loan is ready to fund.
Reading the signals
Signs your file is on track
You can usually tell how a file is going without asking anyone.
The condition list is shrinking
Items are clearing faster than new ones appear is the single best signal. A list that keeps growing means the underwriter is finding things.
The appraisal came in at or above price
A low appraisal is the most common reason a financed deal stalls, and no pre-approval prevents it.
Income and assets were verified up front
Verified beats estimated. If the numbers were checked at the start, there is less that can unravel later.
Nothing has changed since you applied
No new credit accounts, no job move, no large unexplained deposits. Stability is the whole game between offer and closing.
Check your odds before you shop
Do not rule yourself out, or fall for a house you cannot finance, on a guess.
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Read your file
Is your file on track?
Tick what is true. These are the signs a loan officer watches after your offer is accepted.
File health check
Five signals underwriters care about
Tick the boxes above.
This is not a prediction. Your loan officer sees the real list. This tells you what to ask about.
What can go wrong
Why approvals fall apart after an offer
A pre-approval does not protect you from these. Most are avoidable.
| What happens | Why it matters | How to avoid it |
|---|---|---|
| Low appraisal | The lender will not lend more than the house is worth | Keep an appraisal contingency, or be ready to cover the gap |
| New debt taken on | A car loan or store card changes your debt-to-income ratio | Buy nothing on credit until you have the keys |
| Job change | Employment is re-verified days before closing | Tell your loan officer before you move, not after |
| Large unexplained deposit | Underwriters have to trace every large deposit | Keep a paper trail, and get a gift letter for family money |
| Rate lock expires | The loan reprices at current rates, changing your payment | Know your lock date and ask about extensions early |
| Condition not cleared | One open item stops the file reaching clear to close | Return document requests the same day they arrive |
Scroll sideways to see all columns.
Questions
Common questions
What are my chances of being approved for a mortgage?
Most buyers who worry about qualifying do qualify. The ones who do not usually have a specific, nameable reason, and many of those show up before you apply if you know where to look.
What is the difference between pre-approval and final approval?
A pre-approval is a lender's assessment of your finances before you have a house. Final approval, often called clear to close, adds the property and a fresh look at your credit and employment.
What does conditionally approved mean?
An underwriter has said yes, with a list of items still to clear. A short and shrinking condition list is a good sign. A long or growing one is not.
Can I be denied after being pre-approved?
Yes. The usual causes are a low appraisal on the property, a change in your income or employment, new debt taken on during the process, or a condition that cannot be satisfied.
What are the signs my mortgage will be approved?
A short and shrinking condition list, an appraisal at or above the contract price, income and assets that were verified up front rather than estimated, and nothing changing in your finances since you applied.
Does getting pre-approved improve my odds?
It does not change your finances, but it removes the guesswork. You find out about problems while you can still fix them, rather than after an offer is accepted.
Keep reading
Related guides
How to qualify
The four factors, the thresholds, and what usually blocks people.
Mortgage readiness
Where you stand today, and what to fix before you apply.
Mortgage pre-approval
What is inside the letter and how to use it on offer day.
Independent sources
- Consumer Financial Protection Bureau — the underwriting process explained
Work from a verified number
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