 TITLE: What Is a Preapproval Letter? CONTENT: How to Get a Preapproval Letter\n-------------------------------\nBefore you start shopping for a mortgage, it's important to know what the lender will need to process your application. Gathering these documents in advance will help expedite the review of your mortgage application so you can get preapproved:\n*   **Proof of identity**: The lender will need a copy of your driver's license or passport and your Social Security number.\n*   **Proof of income**: You will need to provide pay stubs, tax returns and bank statements from the past two years. If you're self-employed, the lender will average the income from these returns.\n*   **Proof of assets and debts**: Lenders want to know that you have the funds to cover your down payment and closing costs. It's equally vital that you have additional funds on hand, also known as reserves, to cover your mortgage if you lose your job or your income goes down. You will also need to disclose any debts that do not appear on your credit report.\nNote that documentation requirements vary by lender and loan type. You can start your application on the lender's website, at a branch or by speaking to a loan officer by phone. Also, know that an application fee may apply, and you will have to authorize the lender to perform a credit check.\nYou could receive a preapproval letter in as little as one business day. If you're self-employed, or your preapproval application requires additional verification, it could take up to two weeks to hear back from the lender regarding your application. END