Rocket Mortgage Pre-Approval Letter: How (When) to get Pre-Approval

Are you ready to buy a car or your dream home through the means of a mortgage on Rocket mortgage company? Then you will have to get the quicken loans or rocket mortgage pre-approval letter and understand how long it takes to be approved.


The importance of getting a mortgage pre-approval cannot be over-emphasized at all. The main essence of a loan pre-approval is to show the lender that you have made up your mind to get the loan and that you are willing to go ahead with the purchase.

A mortgage pre-approval gives the seller greater confidence that you have the necessary finances to get the home or car that you want to purchase. Although getting a pre-approval does not completely mean that nothing will go wrong, it merely guarantees the seller that you have the ability and willingness to finance the home or car.

The essence of this article is to explain in detail how the rocket mortgage pre-approval works and how you can get the approval on time. More so, we will briefly explain and highlight important salient points about rocket mortgage pre-approval that you should be aware of if you don’t know about it.

Rocket Mortgage Pre-Approval Letter: what does Pre-Approval Mean?

Do you remember at that point when you take out time to fill out the rocket mortgage loan application form online? One of the processes of approving the loan is termed “ Pre-Approval”.

Basically, pre-approval is that mathematical assessment carried out by the lender to determine exactly how much you can spend on a home. The terms and conditions on a pre-approval letter are often different from that on the final mortgage.

A pre-approval letter does not in any way guarantee any exact interest rate. So when you get your rocket mortgage or quicken loan pre-approval letter it does not guarantee that you’d qualify for the loan applied.

As we said earlier, getting a pre-approval letter only gives you an edge over those who are not pre-approved as it shows to the seller of the pretty that you are serious about buying.

The seller’s confidence is boosted when you have a pre-approval letter because before you get a mortgage pre-approval letter, there is always a check carried out on your credit information. So do not expect to get a mortgage pre-approval without a credit check easily, especially on a rocket mortgage.

What does A Rocket Mortgage Pre-Approval Letter Represent?

A mortgage Pre-approval letter is an integral part of the process when you are securing a home loan. It is a document that is in form of a letter issued by the lender after conducting a series of credit checks before grading you the pre-approval.

So you are to hand over the pre-approval letter to the potential seller showing the amount you can afford to spend on the property.

Remember that the mere fact that you are in possession of a rocket mortgage pre-approval letter does not completely state that your loan has been approved. It is only a statement showing the amount you will get if everything about the mortgage goes to the final stages. Hence, it is not absolute.

It has never been made a compulsory requirement that you present a mortgage approval letter when you want to purchase a home, it gives you an edge over other intending buyers.

However, if your offer is against some buyers with respect to that property, a pre-approved mortgage letter will surely give you an edge over them.

How long Does a Mortgage Approval Letter Last?

A mortgage Pre-approval letter does not last forever. It has an expiration date. Mostly, the life span differs, it all depends on the terms and conditions in the approval letter. However, at most, a mortgage pre-approval letter last within the range of 60-90 days. So you have a limited time to perfect the loan.

Read More: How to log into my Rocket Mortgage Account| Rocket Mortgage Sign In

What should I do when my Rocket Mortgage Pre-Approval Letter Expires?

If you were unable to purchase the house within the stipulated time allowed in the approval letter, you can always re-apply for another pre-approval on rocket mortgage or you can use any other lender if you so desire. The terms and conditions may vary according to the circumstances prevailing at that moment.

Rocket Mortgage Pre-Qualification VS Rocket Mortgage Pre-Approval- What’s the difference?

A newbie will surely mix up these two words commonly used in the mortgage application process: Pre-Qualification and Pre-Approval.

Pre-qualification and preapproval are two key steps involved in the mortgage process.

Pre-qualification is usually based on the data the borrowers give to the lender when applying for the home buying loan. The lender at this point does not take into consideration certain factors like job history and credit check to determine your loan prequalification.

Pre-qualification is generally based on assumptions made by the lender to qualify you or disqualify you for the loan. Thus, it is less reliable than preapproval.

This table below represents a summary of the key differences between Rocket mortgage prequalification and Preapproval




Do I need to fill out a mortgage application form?



Do I have to pay an application fee for it?



Does it require a credit history check?



Is it based on a review of my finances?



Does it require an estimate of my down payment amount?



Will the lender give me an estimate for a loan amount?



Will the lender give me a specific loan amount?



Will the lender give me interest rate information?



Read More: Current Rocket Mortgage Home Equity Loan Interest Rate

Necessary Documents to get Rocket Mortgage Pre-Approval letter?

Here we will take a glance at the necessary steps or rather documents needed to get the rocket mortgage approval letter.

However, if you are using another lender, the particular documents needed may vary only slightly but its necessary you know the documents you might need to be prepared when going to get the rocket mortgage approval

  1. Copies of your Drivers license and Social security cards which is a proof of your identity and your residential address
  2. 2-3 recent salary payments from your employer which shows proof of payment history or income level
  3. A copy of your bank statements depending on how many accounts you operate
  4. Account Balances and Statement for your retirement or investment account
  5. A copy of tax returns for the last previous 2 years before your application
  6. A W-2 or 1099 forms for the past 2 years if you are self-employed or an independent contractor
  7. Statement of your debit account on any existing mortgage, auto loans, or student loans
  8. If you are still paying rent, then a statement from your landlord showing payment as at when due for his house rent
  9. Maintain a Debt-to-income ratio of 43% or lower to increase your chances of getting the preapproval

How Rocket Mortgage Calculates Pre Approval

When you make an application for rocket mortgage pre-approval online, they are certain things that affect your chances of getting the approval. Rocket mortgage and other lenders consider your financial report which includes your credit report and income and other financial statements you give them

Rocket Mortgage Pre-Approval Letter

What’s the Cost to Pre-Approve Rocket Mortgage?

Rocket mortgage does not charge you any service fee for getting a pre-approval. Thus, it is completely to apply for a rocket mortgage loan.

Read More: Rocket Mortgage Auto Refinance Rates-How to Calculate, Reduce Your Rates

Although they are no service charges placed on the rocket mortgage pre-approval, they are certain fees you have to pay when you decide to finalize the loan.

The service fee is determined by the amount of loan you applied, your credit score, the term of repayment, and the interest rate and taxes.

How long Does Rocket Mortgage Pre-Approval  Letter Take?

It is understandable that time is money in every business and that’s why rocket mortgage pre-approval does not take much time. So if you are searching for how long rocket mortgage pre-approval takes, it doesn’t take time.

Apply for the loan online, fill out the answers in the rocket mortgage pre-approval form, and in the shortest time, your pre-approval will be ready for you.

Meanwhile, ensure you are always available to respond to their emails or phone calls as that will determine how long the pre-approval will take.

If you have not enabled the rocket mortgage text code on your phone, you can do that here.

Does Rocket Mortgage Pre-approval Affect Credit Score?

Yes, sadly enough rocket mortgage pre-approval affects credit score but that is only temporary. If you are consistent in discharging the loan on time, your credit score will surely increase.

More so, having a low credit score due to pre-approval should not really bother you when you apply for you with other lenders. This is because each hard inquiry made will be regarded and treated as a soft inquiry for your credit score.

Check out this short analysis below to fully appreciate how the hard and soft inquiry is calculated on your pre-approval

     Types Of Credit Score Inquiries 


    Hard Inquiries

– Cause short-termed decrease in credit score

– They remain on the credit score for two years

– They provide the lender with a full credit report

   Soft Inquiries

– Don’t cause an impact on the credit score

– They are not included on a credit report

– Provide the lender with fewer details

What Credit Score Do I need to Get Rocket Mortgage Pre-Approval Letter?

Once you are qualified for the rocket mortgage, you can get your pre-approval with a minimum credit score of 580.

This credit score differs from the one given to you by local banks and credit cards company.

You can always visit the rocket mortgage login page to calculate your credit score.

Can you get denied after Rocket Mortgage Pre-Approval?

Your application can still be denied even if you get a rocket mortgage pre-approval. They are several factors that can lead to your pre-approved letter being denied. These include a change in your credit score, increase in debt, insufficient income, unverifiable identity, and appraisal issues.

So you have to talk to your lender if eventually your pre-approved letter is canceled.

Can I cancel my Rocket Mortgage Pre-Approval Letter?

It is true that unexpected situations may arise that you need to cancel your rocket mortgage pre-approval. All you have to do is simply contact the rocket mortgage customer care service. You can find out the rocket mortgage customer service phone numbers here.

Conclusion on Rocket Mortgage Pre-Approval Letter

Are you ready to go ahead and get the rocket mortgage pre-approval letter to finance your dream of buying a house? Follow the steps above, fulfill the requirements and get your approval without hassles.

Meanwhile, if this article was helpful to you, do well to share it with your friends and help them too using the sharing button below

Similar Posts