Ask ten lenders to define "pre-approval" and you'll get ten different answers. Here's what actually matters — and what to ask for.
Pre-Qualification: The Baseline
An estimate based on info you provide verbally or via quick online form. No documents, often a soft credit pull. Useful for early planning — but not a commitment, not reliable, and not credible with a competitive listing agent in Fort Collins, Lakewood, or Tampa.
Pre-Approval: The Minimum Standard
Full mortgage application (URLA), hard credit pull (5–15 point temporary hit), income documentation (W-2s, returns, pay stubs), asset verification, real DTI calculation. Letter states a maximum approved loan amount subject to property appraisal and final underwriting.
Full Underwriting Approval (Credit Approval / TBD)
The gold standard. An actual underwriter has reviewed the file — not just an AUS — before you've identified a property. Only appraisal and title remain. When two offers come in at the same price, the seller often goes with the buyer whose financing is more certain. Tayton Capital issues full underwriting approvals, not just AUS pre-quals.
What Invalidates a Pre-Approval
New debt (car loan, credit card, co-signing), job change, large undocumented deposits, material rate changes, or expiration (typically 60–90 days; credit report 120 days).
The Right Questions to Ask
Was my income documented or self-reported? Was this reviewed by an underwriter or just an automated system? What conditions remain? How long is this valid? Have you had deals fall out of contract due to financing issues with a fully approved file?
Contact Tayton Capital or apply now.
📧 tj@taytoncapitalllc.com
📞 970-708-9624
Frequently asked questions
Does a pre-approval guarantee I'll get a mortgage?
No — it's a strong indicator. Final approval depends on the specific property (appraisal, title) and your financial situation remaining unchanged between pre-approval and closing.
Does getting a pre-approval hurt my credit score?
A hard pull typically reduces your score 5–15 points temporarily and recovers within 6–12 months. Multiple mortgage inquiries within 45 days count as one.
How long is a mortgage pre-approval valid?
Typically 60–90 days; credit reports are valid 120 days for underwriting. If your search extends beyond 90 days, a credit refresh may be needed.
What is a TBD approval?
A TBD (to be determined) or full credit approval means your income, assets, and credit are fully underwritten before you have a specific property. Only appraisal and title remain.
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