🏦 How to Get Pre-Approved for a Mortgage in Philadelphia

By Megan Harkins | Living Beach 2 Burbs
🌐 www.livingbeach2burbs.com | 📧 [email protected] | 📞 215-935-4113

Want to Buy a Home in Philly? Start Here.

If you’re planning to buy a home in Philadelphia in 2025, the very first step isn’t choosing a neighborhood or browsing Zillow—it’s getting pre-approved for a mortgage. This one move can determine how quickly and successfully you land your dream home.

In this guide, I’ll break down:

• What pre-approval is

• Why it matters in Philly’s competitive market

• How to get it done the right way

🧾 What Is Mortgage Pre-Approval?

Pre-approval is a written letter from a lender stating how much you’re qualified to borrow. It’s based on your:

• Credit score

• Income

• Debt-to-income ratio

• Employment history

• Assets

🔑 It’s not the same as pre-qualification. Pre-approval is more official and carries weight with sellers and agents.

✅ Why Pre-Approval Matters in the Philadelphia Market

Philly homes—especially in hot neighborhoods like Fishtown, South Philly, and Manayunk—often sell within days, sometimes with multiple offers. Pre-approval tells sellers:

• You’re serious

• You’re financially ready

• You can close quickly

In many cases, offers without pre-approval letters aren’t even considered.

🧠 How to Get Pre-Approved for a Mortgage in Philadelphia

1. Check Your Credit Score

Most lenders prefer a score of 620 or higher, though better rates kick in around 740+. You can check your score for free through many banks or credit card companies.

2. Gather Your Documents

Be ready to provide:

• W-2s or tax returns (last 2 years)

• Pay stubs (last 30 days)

• Bank statements (last 2 months)

• ID and Social Security number

• List of debts (credit cards, car loans, etc.)

3. Choose a Lender

You can go with a:

• Local mortgage broker (often more personal & flexible)

• Bank or credit union

• Online lender

💡 Tip: Ask your real estate agent (me!) for trusted lender referrals who know the local market.

4. Submit Your Application

The lender will verify your credit, income, and debts. If you qualify, they’ll issue a pre-approval letter, usually valid for 60–90 days.

🏡 How Much Will You Be Approved For?

This depends on:

• Your income and debts

• Your credit score

• Your down payment

• The current interest rate

Use online mortgage calculators to estimate, but your lender will give you the official number. And remember—just because you’re approved for $500K doesn’t mean you need to spend $500K.

🧾 Will Pre-Approval Affect My Credit?

Yes, slightly. Pre-approval requires a hard credit inquiry, which may reduce your score by a few points. But if you're shopping multiple lenders, doing so within 14–45 days counts as one inquiry.

👩‍💼 Megan’s Pro Tip:

"The strongest buyers in Philly are always the most prepared. I help my clients get pre-approved before we even schedule showings—because in this market, it’s all about timing and confidence."
— Megan Harkins, Realtor® | Living Beach 2 Burbs

🔍 Bonus: First-Time Buyers—Don’t Forget Assistance Programs

If this is your first home, ask your lender or agent about:

• Philly First Home Program

• PHFA loans

• Down payment grants from national banks

These programs often require pre-approval through approved lenders, so bring them up early in the process.

🗝️ Ready to Start Your Homebuying Journey?

I’ll help you connect with the right lenders, prepare your documents, and put together a home search strategy that works for your timeline and budget.

📞 Call or text: 215-935-4113
📧 Email: [email protected]
🌐 Visit: www.livingbeach2burbs.com

Let’s take the first step—together.