How to Get Pre-Approved for a Mortgage in Chicago

If you’re thinking about buying a home in Chicago, getting pre-approved for a mortgage is the first major step—and one of the smartest. It not only shows sellers you’re serious, but it gives you a clear picture of what you can actually afford before falling in love with that lakefront condo or charming bungalow in Pilsen.

What Does Pre-Approval Mean?

Mortgage pre-approval is a letter from a lender that says how much they're willing to loan you based on your financial info. It’s different from pre-qualification—which is more of a quick estimate. With pre-approval, your credit, income, employment, and debt are verified upfront, giving you real buying power.

We often advise our Chicago buyers to get pre-approved before they start shopping. It gives them a major edge when making offers in today’s competitive market.

What You’ll Need

To get pre-approved, gather these essentials:

• Recent pay stubs and W-2s

• Tax returns (usually last 2 years)

• Bank and asset statements

• ID and Social Security number

• Credit check approval

If you're self-employed or have unique income, expect to provide a bit more paperwork. The Consumer Financial Protection Bureau has a helpful guide for prepping.

Choosing the Right Lender

Rates and requirements can vary, so shop around and compare quotes. A trusted agent can also connect you with vetted lenders. If you're just getting started, feel free to reach out to our team for recommendations—we’ve worked with plenty who specialize in Chicago buyers.

Don’t forget: having your credit in good shape can help you lock in better terms. You can review your credit reports for free at AnnualCreditReport.com before applying.

What Happens Next?

Once you're pre-approved, the letter is typically valid for 60–90 days. Use this window to explore homes that match your budget. You can view our featured listings or browse tips on our news blog for what to expect next.

👉Buying a Home in Chicago? Get Free Expert Guidance!
Chicago real estate offers great opportunities! Whether you’re a first-time buyer or upgrading, we’ll guide you through the process and connect you with financing options.
📍 Get a free consultation at HeartOfChicagoHomes.com or call/text (815) 765-4252. Have questions? Email us at info@heartofchicagohomes.com.