Frequently Asked Questions About Preapprovals

01/24/2022 01:10 PM By Cody Stevens

After applying for preapproval online, you will be asked to upload documentation to verify the information you submitted. Once you do that, one of our Gapital mortgage originators will verify your preapproval amount. You can then generate a verified preapproval letter to send to your real estate agent and/or submit with your offer.

How long does it take to get a preapproval letter?

For a verified mortgage preapproval letter, you will need to upload needed documentation such as W2s, paystubs, tax returns, and bank statements. Based on your individual criteria, we may require more documentation. You can upload all of it directly into our online portal, so it will only take a few minutes. Then, we will review them and generate your letter. We may require additional processing time if the documentation you submitted is incomplete or if we need to verify overtime, bonus, or commission earnings with your employer.

Does it cost anything to get preapproved?

No. We will provide you with a verified mortgage preapproval letter free of charge.

Is a hard credit pull required to get a verified pre-approval letter?

Yes. This helps us determine your exact FICO score and monthly debt obligations so we can be sure you qualify for a mortgage loan.