A mortgage pre-approval means your application has received an initial review and approval. In many cases, our online application system can issue an immediate pre-approval. You may be asked to provide some basic financial documentation such as paystubs and W-2's. The loan officer will review your credit report and application to determine your ability to repay, credit worthiness, and the terms requested. A pre-approval letter from your loan officer demonstrates to the real estate agents and the sellers that you are a serious and qualified buyer. Mortgage pre-approvals are good for 120 days from the date of the credit application.