Get pre-approved for a mortgage in 5 minutes.
Not five days.

In an online mortgage pre approval the five minutes refers to the automated underwriting review of the documents you submit, and the pre approval that follows it. It does not mean Rate has fully approved or funded your mortgage in five minutes. The clock starts once your application is signed and your documents are uploaded — gathering those is the part that actually takes most people time. Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe.

Rate’s Digital Mortgage is a paperless process that lets you apply for your loan, upload all your documents and sign your entire loan application package online. Alongside it, SmartUnderwrite™ reviews documents to verify employment and income as they are uploaded — real-time underwriting, so you know where you stand from the start — and bank statement, income and tax return data can be gathered digitally from the source where your providers support it. Smart Underwrite utilizes Intelligence Automation (IA), an automated process identifying and validating discrepancies with credit, income, or assets in review of borrower submitted loan documentation prior to an Underwriter making a final approval decision.

A mortgage pre-qualification relies on data you provide — you state your income and assets, and you get an estimate back. A pre-approval goes further: your credit history, income and assets are actually verified. That is why sellers treat the two very differently. A pre-qualification says what you told someone; a pre-approval says what a lender checked.

A mortgage pre-approval involves a hard credit inquiry, which can move your score slightly. The credit bureaus treat multiple mortgage inquiries inside a short shopping window as a single event for scoring purposes, so comparing lenders does not compound the effect. If you are close to a threshold that changes your program eligibility, tell me before we pull — that is worth a conversation first.

For most salaried borrowers: recent pay stubs, W-2s, two months of bank statements, and photo ID. Self-employed borrowers usually need tax returns, and there are bank statement programs that work from deposits instead. Where your bank or payroll provider supports a digital connection, some of this is pulled automatically rather than uploaded by hand.

PowerBid Approval is a fully underwritten credit approval — Rate verifies your credit history, income and assets rather than taking your word for them. It is valid for 90 days and is designed to let you compete against cash offers. It is contingent upon receipt of an executed sales contract, an acceptable appraisal supporting value, a valid hazard insurance policy, and a re-review of your financial condition.

Less than most people expect. The 5 Minute Approval is available with as little as 3% down. Conventional 97, HomeReady and Home Possible all start at 3%, FHA at 3.5% with a credit score of at least 580, and eligible buyers can get zero-down VA or USDA loans. You do not need 20% to buy in Florida, and waiting to save it is often the more expensive choice — the full comparison is here.

A PowerBid Approval is good for 90 days. Standard pre-approvals typically run 60 to 90 days as well, because credit reports and income documents go stale. If you are still looking when it expires, refreshing it is routine — usually just updated pay stubs and bank statements rather than starting over.

Rate’s Same Day Mortgage offers loan approval within one business day when you submit the required documents within 24 hours of locking your rate, with income, assets and credit validated. Eligible borrowers could close in as little as 10 days. It is not eligible for all loan types or residence types, and it carries its own conditions — borrowers generally need to be W-2 employees or on fixed income. Rate cannot guarantee that a loan will be approved or that a closing will occur within a specific timeframe.

No, and you should not wait for one. Getting pre-approved before you shop tells you your actual price range, and in a competitive Florida market an offer without a pre-approval letter attached is often not taken seriously. Come to me before you tour, not after you have fallen in love with something.

Your personal pre-approval is unaffected, but the building is reviewed separately once you pick one — reserve funding, owner-occupancy ratio, litigation, and since the Surfside collapse, milestone inspection and structural reserve study status under Florida law. A building can fail review even when your file is strong, so send me the association before you go under contract.