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Pre-approval readiness quiz

Score your file the way an underwriter would — credit, income, down payment, reserves, employment stability, debt load. Find your gaps before a lender finds them.

Pre-approval odds estimator

14 questions. Red-flag items (marked) can be automatic declines.

0/33
0/14 answered
Answer 14 more to see your pre-approval odds
1. Is my middle FICO score 620 or higher?
Below 620 knocks you out of conventional entirely and most FHA lenders. 640+ opens doors; 680+ gets real pricing.
2. No late payments, collections, or charge-offs in the last 12 months?
Red flag
One 30-day late in the last year can cost you 30-60 basis points on rate. Two and you may be declined.
3. No bankruptcy, foreclosure, or short sale in the last 4 years?
Red flag
Chapter 7 needs 2 years post-discharge for FHA, 4 for conventional. Foreclosure is 3 years FHA, 7 conventional.
4. Two continuous years of documentable income in the same field?
W-2 job changes within same field are fine. Jumping from teacher to contractor resets the clock for self-employed income.
5. Can I prove income with paystubs, W-2s, or 2 years of tax returns?
Cash tips, side gigs paid in Venmo, and under-the-table don't count. If it's not on a tax return, the underwriter can't use it.
6. Will my back-end DTI be under 43% with the new mortgage included?
43% is the soft cap for QM loans. 50% possible with compensating factors (big reserves, 740+ FICO).
7. Will the new PITI be under 28% of my gross income?
The front-end ratio. Over 28% means you're stretched; over 31% FHA auto-flags for manual review.
8. Do I have at least 3.5% down saved and seasoned 60+ days?
Seasoned = sitting in your account for 2+ months. Fresh deposits over $1K need a documented source.
9. Do I have closing costs (2-5% of purchase) saved OR a firm seller concession plan?
Closing + down payment together. Don't forget prepaid escrow for taxes and insurance.
10. Will I have 2+ months of PITI in reserves after closing?
Conventional often requires. FHA is flexible. But reserves are the #1 compensating factor for higher DTI.
11. Is my job stable with no plans to change in the next 6 months?
Lender calls employer 3 days before closing to reverify. If you quit mid-process, the loan dies.
12. No plans to open new credit cards, finance a car, or take personal loans before closing?
Red flag
A $500/mo car payment drops your buying power ~$100K. Don't even apply.
13. Can I document 12 months of on-time rent (cancelled checks or bank statements)?
Critical if your credit file is thin. Also helps on manual underwrite.
14. If using gift funds, is the donor ready to provide a gift letter + bank statement?
FHA/conventional both allow gifts from family. Must be documented — no 'loans' disguised as gifts.

Buying-power estimator

The quiz told you if you'll get approved. Now estimate how much you'll be approved for.

Your inputs

Results

Est. pre-approval
$422,400
Credit factor 0.95
Max monthly PITI
$2,660
Actual pre-approval depends on full documentation. Credit score 740+ unlocks best rates; 700 is the practical floor.

A pre-approval is a lender's conditional commitment to fund a specific loan amount. It is not a guarantee — pre-approval can be yanked at closing if something changes. This quiz scores your readiness against the six things underwriters actually look at: credit, income documentation, DTI, assets/reserves, employment history, and collateral. Score 85+ and you are clean. Score 60-84 and you have specific fixable gaps. Score under 60 and you are not ready yet — work the gaps for 3-12 months first.

The six underwriting factors

  • Credit score — middle of three scores from Experian, Equifax, TransUnion. Target 740+ for best rates, 680+ for solid rates, 620 minimum for conventional.
  • Income documentation — 2 years W-2s or tax returns for self-employed. Recent paystubs. Consistent or growing trend.
  • Debt-to-income — front and back-end ratios under 28/36 for conservative, 33/45 for conventional max. Student loans count even at $0 IDR payment on some loan types.
  • Assets and reserves — down payment + closing costs + 2-6 months of PITI in reserves after closing. Gift funds allowed but must be documented.
  • Employment history — 2 years in the same field. Job changes within the field are fine. Gaps over 30 days need explanation.
  • Collateral — the property itself. Appraisal must support the purchase price.

What kills a pre-approval at underwriting

  • Opening a new credit card or car loan between pre-approval and closing — #1 deal killer
  • Large unexplained deposits (anything over $500 typically needs a paper trail)
  • Job change during the process, especially to 1099/self-employed
  • Missed payment on any debt during the process
  • Dropping your credit score by 20+ points from balance increases

Pre-qualification vs pre-approval vs underwritten approval

  • Pre-qualification — you told the lender your numbers, they didn't verify. Weakest. Useless in a competitive market.
  • Pre-approval — lender verified credit and some income docs. Standard for making offers. Conditional on final underwriting.
  • Underwritten pre-approval (TBD underwrite) — full underwriting with only property-specific items left. Most competitive. Some lenders call it "Verified Approval" or "Fully Underwritten". In hot markets this beats cash offers.

How to score 90+

  • 740+ FICO, all bureaus
  • W-2 income with 2+ years in same field
  • Back-end DTI under 36%
  • Down payment + closing + 6 months PITI reserves, all seasoned 60+ days
  • No new credit accounts in last 6 months
  • Rent or current mortgage paid on time for 12+ months
Rate shopping
Compare real lender rates in under 3 minutes

A 0.25% rate difference on a $400,000 loan is $21,000 over 30 years. Shop at least 3 lenders before you lock.

Rocket MortgageGet quote →
Fastest online pre-approval — 24-hour underwriting.
LendingTreeGet quote →
Compare up to 5 offers from real lenders in one shot.
Better.comGet quote →
No origination fee. Good for strong-credit W-2 borrowers.
Advertising disclosure: some links are affiliate placeholders. If you close a loan through a partner we may earn a referral fee at no cost to you. It never changes your rate.

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12-point readiness check
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Origination, title, escrow, prepaids

Frequently asked questions

How long is a pre-approval good for?

60-90 days typically. After that the lender needs to re-pull credit and update income docs. Pre-approvals can be extended with minimal re-documentation.

Does a pre-approval hurt my credit score?

Each lender pull is a hard inquiry worth 2-5 points. Multiple mortgage pulls within 14-45 days (depending on credit model) count as one for scoring purposes. Shop lenders in a 2-week window.

Can I make an offer with pre-qualification only?

In most markets, no. Sellers reject pre-qual offers because they mean nothing. Get at least a pre-approval letter before writing offers.

What if my pre-approval amount is too low?

Three levers: larger down payment, paying off small debts to boost DTI headroom, adding a co-borrower. Don't try to raise it by taking a risky ARM or stretching DTI — that backfires.

Do I have to use the lender who pre-approved me?

No. Pre-approval is not a commitment on your side. You can shop multiple lenders and use whichever gives you the best Loan Estimate at application.

Is anything I type stored or sent to a server?

No. Every calculation on Mortgage Hub runs entirely in your browser. No inputs, no results, and no personal details leave your device. We do not use third-party analytics that track individual inputs.

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