How Long Does Mortgage Preapproval Take? And What Can Delay Mortgage Approval?

Redfin News

by Marissa Crum

February 20, 2026

AI-Generated Deep Dive Summary

Understanding how long mortgage preapproval takes and what can delay final approval is crucial for homebuyers to avoid missed deadlines and stress. Mortgage preapproval typically ranges from 24–72 hours, while full mortgage approval averages 30–45 days. However, the timeline can vary based on factors like documentation completeness, income stability, credit history, and property evaluations. The process begins with submitting a mortgage application, which involves providing personal information, employment history, income details, debt obligations, and authorization for a hard credit pull. After submission, lenders review credit reports to assess scores, payment histories, credit utilization, and derogatory marks. Many lenders use automated underwriting systems to evaluate risk factors quickly, often completing this stage within hours if financial profiles are straightforward. Next, income and asset verification take 1–3 days. Lenders review documents such as pay stubs, W-2s, bank statements, and investment accounts to ensure consistency and stability. They check for adequate down payment funds, reasonable debt-to-income ratios, and employment history over two years. If everything aligns well, preapproval is typically issued within 24–72 hours. However, any discrepancies or unexplained financial issues can slow the process. Finally, property appraisal and a signed purchase agreement are required before final approval. Appraisals ensure the home’s value matches the loan amount, which adds another layer of review. While delays are possible due to these steps, preapproval remains one of the strongest steps buyers can take early in their home search, as it strengthens their offer and demonstrates financial readiness. For those navigating real estate, knowing how mortgage preapproval works and what factors might delay approval helps buyers plan effectively. This knowledge empowers them to avoid unnecessary stress and stay on track with their purchasing goals.

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Originally published on Redfin News on 2/20/2026