See What You Qualify For
Your credit score will not be affected. Simply provide a few details to determine what mortgage programs you may be eligible for.
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How to Get Preapproved for a Mortgage Without a Hard Credit Check
- Soft Credit Pull Advantage: We do a soft pull that lets you see your options without dropping your score
- Smart Insights: Find out how much you might borrow and what loans could work for you. You can also compare the major home loan types before deciding which path fits best. All of this without any impact to your credit.
- Easy Process: Our Automated Underwriting System (AUS) does all the heavy lifting. You just sit back and explore your possibilities.
Most buyers put off preapproval for one reason: they don’t want a lender pulling their credit before they know where they stand. At Federal Hill Mortgage, you don’t have to make that trade. We start with a soft credit pull, which does not affect your credit score, so you can see what you may qualify for before you commit to anything.
This guide covers the full preapproval picture: what prequalification and preapproval actually mean, what lenders look at, how our soft pull works, what you’ll receive, how long it takes, and what happens if you decide to move forward.
Prequalification vs. Preapproval: What's the Difference?
Here’s the part that confuses almost everyone: there is no single industry definition. The Consumer Financial Protection Bureau (CFPB) notes that lenders use the two terms differently. Some issue a prequalification based on information you report and reserve the word preapproval for a review of verified information. Others use the terms interchangeably.
So instead of focusing on the label, focus on what was actually reviewed.
The takeaway: a letter carries weight with sellers and agents when a real person reviewed real numbers. That’s the standard we work to.
Does Getting Preapproved Affect Your Credit?
It depends on the type of credit check.
- Hard inquiry (hard pull): Typically happens when you apply for credit. According to the CFPB, hard inquiries can affect your score because scoring models consider how recently and how often you apply for credit, and other lenders can see them on your report.
- Soft inquiry (soft pull): Includes things like prescreening by prospective lenders and checking your own report. The CFPB says soft inquiries do not affect your credit scores and are visible only to you.
A soft pull lets us review your credit profile and match you to likely programs without leaving a mark other lenders can see.
What about later, when a hard pull is needed?
Credit scoring models account for rate shopping. FICO ignores mortgage inquiries made within the 30 days before your score is calculated, and it counts multiple mortgage inquiries within a shopping window as one: 14 days on older FICO versions, 45 days on newer ones. Comparing mortgage offers in a focused window is treated very differently from opening several new credit cards.
How Our Soft Pull Preapproval Works
When you start with Federal Hill Mortgage, here’s what happens behind the scenes:
- You share the basics. Income, monthly debts, savings, target price range, and where you want to buy.
- We run a soft credit pull. We see your credit profile. Your score is not affected, and no other lender sees an inquiry.
- We run your scenario through an Automated Underwriting System (AUS). An AUS is the same type of decision engine lenders use to evaluate loan files. It tells us which programs your profile fits and flags anything that needs attention.
- A loan partner reviews the results with you. Because Federal Hill Mortgage is a broker and a lender, we can compare options across multiple Federal Hill Mortgage-accessed programs instead of steering you into one product.
- You decide what’s next. If the numbers work, we move forward together. If they don’t yet, we show you what to work on. Either way, we tell you before any hard credit pull happens.
What Lenders Review for Mortgage Preapproval
Federal ability-to-repay rules require lenders to consider factors including income or assets, employment status, the monthly payment, existing debts, debt-to-income ratio, and credit history. In plain English, here is what that means for you.
Income and employment
Lenders want to see income that is stable and likely to continue. W-2 employees, self-employed borrowers, retirees, and people with multiple income sources can all qualify; the documentation just looks different.
Assets
This is the money for your down payment, closing costs, and any required reserves. Gift funds from an acceptable donor are allowed on many programs.
Debts and debt-to-income ratio (DTI)
DTI is the share of your gross monthly income that goes to monthly debt payments, including the new housing payment.
Illustrative example (not a quote or offer)
Gross monthly income: $6,000. Estimated new housing payment: $1,800. Car loan: $400. Student loan: $200. Total monthly debts: $2,400.
DTI: $2,400 ÷ $6,000 = 40%
Allowable DTI varies by loan program, which is one reason comparing programs matters.
Credit
Lenders look at your score and the history behind it: on-time payments, balances, and any past issues. A lower score doesn’t automatically rule you out. Programs like FHA loans are built with more flexible credit guidelines.
The home and the down payment
Your price range, down payment, and property type (single family, condo, multi-unit) all affect which programs fit. See how the major options compare on our home loan programs page.
Documents to Gather for Preapproval
You don’t need every document to get your soft pull results. Having these ready will speed up the move from prequalification to a full preapproval. Requirements vary by program; these are typical.
- Government-issued photo ID
- Pay stubs covering the most recent 30 days
- W-2s for the last two years
- Federal tax returns for the last two years (required for self-employed borrowers)
- Two to three months of bank and asset statements
- Details on monthly debts (car, student loans, credit cards, child support)
- Gift letter, if family is helping with the down payment
- For self-employed borrowers: year-to-date profit and loss statement
- For VA borrowers: Certificate of Eligibility (we can help you request it)
If your situation doesn’t fit a standard checklist, tell us. We work with first-time buyers, self-employed borrowers, ITIN borrowers, investors, and buyers rebuilding credit.
How to Get Preapproved for a Mortgage: Step by Step
- Start with a soft pull. Share your basics through our short form and see what you may qualify for with no effect on your score.
- Review your options with a loan partner. Compare programs, estimated payments, and cash to close side by side.
- Upload your documents. Verified income and assets turn an estimate into a preapproval sellers can trust.
- Authorize the hard pull when you’re ready. We’ll tell you before it happens.
- Receive your preapproval letter. Use it to tour homes and make offers.
- Keep your finances steady. Avoid new credit lines, large unexplained deposits, or job changes without talking to us first.
What Happens If You Decide to Move Forward
Moving forward means turning your soft pull results into a verified preapproval and, once you have a home under contract, a full loan application.
- We let you know before any hard pull. Nothing happens to your credit without your go-ahead.
- Your documents get verified. Income, assets, and employment are confirmed.
- You receive a Loan Estimate. Once you submit a mortgage application, federal rules require the lender to send you a Loan Estimate within three business days. It’s a standard form that makes it easier to compare rates, fees, and terms.
- You keep comparing, without extra credit damage. Thanks to FICO’s rate-shopping rules, mortgage inquiries inside a shopping window are grouped together.
Moving forward does not lock you in. You can pause at any step.
What You'll Receive From Federal Hill Mortgage
- Your program options: which loan types your profile fits, such as conventional, FHA, VA, USDA, jumbo, or non-traditional options
- An estimated price range and payment scenarios based on your numbers
- A clear list of what's needed to move from prequalification to a full preapproval
- A preapproval letter once your information is verified, ready to include with offers
- A real loan partner who explains the numbers and is reachable evenings and weekends
- Guidance if you're not ready yet: specific steps to improve your position, and a plan to revisit
How Long Does Mortgage Preapproval Take?
The biggest factor in speed is you: complete, current documents mean fewer follow-ups. If your letter expires before you find a home, it can usually be updated as long as your finances haven’t changed.
What Happens Next: From Preapproval to Closing
Preapproval is the starting line. Here’s the road ahead:
- Shop for homes within your preapproved range, with your agent or one we introduce.
- Make an offer with your preapproval letter attached. We can issue a letter matched to your offer price so you don’t reveal your maximum.
- Complete your full application once your offer is accepted.
- Appraisal and underwriting confirm the home’s value and finalize your approval.
- Close and get your keys.
Every on-time payment after that builds equity, which is why we treat a mortgage as a long-term wealth-building decision, not just a transaction.
Frequently Asked Questions
Will checking what I qualify for hurt my credit score?
No. We start with a soft credit pull, which the CFPB confirms does not affect credit scores.
Is a prequalification the same as a preapproval?
Not always. Lenders use the terms differently. What matters is whether your information was verified. Our soft pull gives you an early, informed look; a preapproval follows once documents are reviewed.
When will you do a hard credit pull?
Only when you decide to move forward, and we’ll tell you before it happens.
Can I get preapproved with less-than-perfect credit?
Often, yes. Programs differ on credit requirements. The soft pull shows us which ones fit your profile without adding an inquiry.
I'm self-employed. Can I still use the soft pull?
Yes. Self-employed buyers usually need tax returns and a profit and loss statement for the full preapproval, and some programs are designed around non-traditional income.
Do I need a real estate agent first?
No. Many buyers get preapproved first so they know their budget. You can work with any agent, and if you need one, we can introduce you.
How long is a preapproval letter good for?
Many lenders issue letters valid for 60 to 90 days. If yours expires, it can usually be refreshed as long as your finances haven’t changed.
Does preapproval guarantee my loan will close?
No. A preapproval is conditional. Final approval depends on the appraisal, title, and your finances staying consistent through closing.
Which states does Federal Hill Mortgage serve?
We’re licensed in Maryland, Delaware, Pennsylvania, Virginia, Washington DC, North Carolina, Texas, and Florida (as FHM Mortgage). See our licensing details.
Ready to Take the Next Step? Start Here.
You deserve to know your options before anyone touches your credit. Share a few details, get your soft pull results, and talk with a loan partner who works for you, not for one product.
Prefer to learn more first? Meet Tammy Saul and read what buyers say in our reviews.
This information is for educational purposes only and is not a commitment to lend. All loans are subject to credit approval, verification, and underwriting. Programs, terms, and availability are subject to change. Rates are not guaranteed. The DTI example above is illustrative only.
