How to Get Pre-Approved for a Mortgage in Oregon

Getting pre-approved for a mortgage is the single most important step you can take before you start shopping for a home in Oregon. A pre-approval letter tells sellers you're a serious buyer, gives you a clear picture of what you can afford, and speeds up the closing process once you find the right home.

What Is a Mortgage Pre-Approval?

A pre-approval is a lender's conditional commitment to lend you a specific amount, based on a review of your credit, income, assets, and debts. It's more thorough than a pre-qualification (which is just an estimate based on self-reported information) and carries significantly more weight with sellers.

What You'll Need to Get Pre-Approved

To get pre-approved for a mortgage in Oregon, you'll typically need to provide:

Income Documentation

• W-2s from the past two years
• Recent pay stubs (last 30 days)
• If self-employed: two years of tax returns and a year-to-date profit and loss statement

Asset Documentation

• Bank statements (last 2-3 months)
• Investment account statements
• Documentation of any gift funds

Credit Information

• Your lender will pull your credit report — you don't need to provide this separately
• Review your credit report beforehand at AnnualCreditReport.com to check for errors

Identification

• Government-issued photo ID
• Social Security number

The Pre-Approval Process in Oregon

1. Application: Complete a mortgage application with your lender or broker

2. Document submission: Provide the documents listed above

3. Credit review: Your lender reviews your credit history and score

4. Income and asset verification: Your lender verifies your employment, income, and assets

5. Pre-approval letter: If everything checks out, you receive a pre-approval letter specifying the loan amount and program

How Long Does Pre-Approval Take?

With a responsive lender and complete documentation, pre-approval can happen in as little as 24-48 hours. Stephen Harris works to make the process as fast and straightforward as possible for Medford-area buyers.

How Long Is a Pre-Approval Valid?

Most pre-approvals are valid for 60-90 days. If your pre-approval expires before you find a home, you'll need to update your documentation and get re-approved.

Tips to Strengthen Your Pre-Approval

• Don't make major purchases: Avoid buying a car or taking on new debt before or during the mortgage process
• Don't change jobs: Employment stability is important to lenders
• Don't move money around: Large unexplained deposits can raise questions during underwriting
• Pay down debt: Reducing your debt-to-income ratio can improve your loan terms

Not a commitment to lend. Pre-approval is subject to satisfactory appraisal, title, and final underwriting review.