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Pre-approval readiness quiz

Eight quick questions to gauge how ready you are to apply — and exactly what to fix before you do.

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A quick gut-check before you apply. Answer honestly — clearing these first means a cleaner approval and usually a better rate. Yes is the good answer to every one.

Is your credit score at or above 580?
Have your down-payment funds been in your accounts 2+ months (seasoned)?
Have you held off on new credit cards, loans, or big financed purchases?
Has your job/income been steady for about 2 years (no recent change of field)?
Can you document every large deposit?A 'large deposit' generally means any single deposit over 50% of your monthly qualifying income — the threshold both conventional and FHA now use (FHA moved to this in 2024). Deposits above that need to be sourced.
Do you have the last 2 years of tax returns and W-2s (or business returns) on hand?
Would your overall reported debts — including the monthly payment on the new home — stay below 50% of your gross income?'Reported debts' are the recurring monthly payments on your credit report — credit card minimums, auto, student, and personal loans, recreational loans like boats or RVs, and any other mortgages — plus the new home's payment. Everyday bills like utilities, groceries, and insurance don't count.
Do you have money set aside beyond the down payment for closing costs + a cushion?

Please answer all questions to see your result.

This is a temperature check, not a qualification. It doesn't approve, deny, or pre-qualify you for a mortgage, and it isn't a credit decision. Answering “no” to some of these — or even all of them — does not mean you can't get a loan. Guidelines vary widely between lenders and programs, and a good loan officer can often find a path a checklist like this can't. Use it to see what to work on, then talk to a lender about your actual situation.

Related read: What not to do before applying
Terms on this page
  • Pre-approvalA lender's written, conditional statement that you qualify for a loan amount based on verified income, assets, and credit — not a commitment to lend; final approval depends on the property and underwriting.
  • Pre-qualificationA rough estimate of what you might borrow based on info you provide, without verification.
  • Debt-to-income ratio (DTI)Your monthly debt payments divided by gross monthly income; lenders use it to judge what you can afford.
  • Down paymentThe cash you put toward the purchase up front; the rest is the loan.
  • ReservesSavings the lender wants to see you'll have left after closing, often measured in months of payments.

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