Does a Mortgage Pre-Approval Impact Your Credit Score?

You’ve found a home you love. It checks all the boxes—great location, right price range, everything you’ve been looking for. But before you can make an offer, the seller needs proof that you’re financially ready. That’s where mortgage pre-approval comes in.

A pre-approval letter demonstrates to lenders, real estate agents, and sellers that you are a serious buyer. If you're concerned about its impact on your credit score, you're not alone. Premia offers a soft credit pull that does not affect your credit score like a hard inquiry would. With this approach, we can access your complete credit profile, fully underwrite your loan, and issue a pre-approval letter without the risk of negatively impacting your credit.

When the right home comes along, you don’t want to hesitate. Start your pre-approval today with Premia so you’re ready to make a move: Apply now.

How Does a Mortgage Pre-approval Work?

When you're buying a home, you don’t want to waste time looking at houses outside your price range. That’s where a mortgage pre-approval comes in. 

A lender reviews your financial information, including your credit history, income, and debt-to-income ratio, to determine how much you can borrow. 

While a pre-approval letter isn’t a guarantee of final approval, it gives you a clear idea of your loan amount and makes you a stronger buyer in the eyes of sellers and real estate agents.

Receive a Pre-Approval Letter

Once your mortgage lender reviews your financial situation, they’ll issue a pre-approval letter stating how much you can borrow. 

This letter is your golden ticket in the home-buying process—it shows sellers and real estate agents that you’re financially ready to make an offer. It also helps you budget for mortgage payments and plan your home purchase wisely.

A pre-approval letter is typically valid for a short period (90 days). If it expires before you find a house, you may need to update your information and go through another credit check before getting a new one.

Mortgage Pre-Approval vs. Prequalification

Some buyers confuse mortgage prequalification with mortgage pre-approval, but they’re not the same. While both help you understand your home loan options, a pre-approval letter carries far more weight when it comes to making an offer.

Prequalification Gives You an Estimate, Pre-approval Confirms Your Borrowing Power

A mortgage prequalification is a quick estimate based on self-reported financial information. You tell a lender your income, debts, and credit situation, and they give you a rough idea of how much you might be able to borrow.

A mortgage pre-approval, on the other hand, is based on verified financial documents. The lender reviews your credit report, debt-to-income ratio, and income, making it a far more reliable assessment of your loan amount.

A Pre-Approval Letter Strengthens Your Offer, Prequalification Does Not

A mortgage pre-approval shows sellers and real estate agents that a lender has reviewed your financial status and is willing to lend you money. This makes you a stronger buyer, especially in a competitive market.

Without a pre-approval letter, your offer might not be taken seriously—especially if multiple buyers are bidding on the same home. Many sellers won’t even consider an offer without one.

If you're serious about buying a home, getting preapproved is a good idea. It helps you understand how much house you can afford, improves your chances with sellers, and speeds up the mortgage application process.

How Long Does a Pre-Approval Last?

A mortgage pre-approval typically lasts 90 days, though some lenders may offer shorter or longer windows, depending on their policies. This expiration date ensures that your financial information is current when you’re ready to make an offer on a home.

If you don’t find a house within that time frame, your lender can confirm your financial information and send you an updated letter.

To minimize unnecessary credit inquiries, it’s a good idea to time your home-buying journey carefully and only request pre-approval when you’re seriously looking.

How to Get a Premia Mortgage Pre-Approval

When you’re ready to take that next step, Premia’s pre-approval makes the process quick and hassle-free, so you can focus on finding a home you love. Get started today: Apply for mortgage pre-approval.

Premia Mortgage, LLC. does not provide credit counseling or credit repair services.

*The soft credit pull pre-approval option is available on conventional, government, and jumbo loans for purchase or refinance. No co-mortgagors are permitted at this time. This pre-approval is an early assessment of borrowers’ qualifying information. A hard credit pull is required before a loan being submitted to underwriting and will impact the borrower's credit score. Borrowers already under contract will default to a hard credit pull when they apply for loan approval. Applicants are subject to credit and underwriting approval. Not all borrowers will be approved. Restrictions apply.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply; contact Premia for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Premia Mortgage, LLC. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Premia Mortgage, LLC. Premia Mortgage, LLC. does not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Premia does not provide tax advice. Please contact your tax adviser for any tax-related questions.