Mortgage Pre-Approval
A conditional commitment from a bank confirming how much they are willing to lend you, valid for 60-90 days.
What is Mortgage Pre-Approval?
Mortgage pre-approval is a conditional letter from a bank stating the maximum amount they are willing to lend you for a property purchase. It is based on an initial assessment of your income, employment, credit history, and existing debts. Pre-approval gives you a clear budget when property shopping and shows sellers that you are a serious, qualified buyer. It is not a final approval — the bank will still need to assess the specific property and verify all documents before issuing a formal offer.
Mortgage Pre-Approval in the UAE
In the UAE, pre-approval is strongly recommended before property hunting, especially in competitive markets like Dubai. Pre-approval letters are typically valid for 60-90 days. Most UAE banks require passport, visa, Emirates ID, salary certificate, bank statements (3-6 months), and proof of employment. Mortigo's AI can match you with multiple banks for pre-approval simultaneously, giving you the strongest negotiating position.
How long does pre-approval take?
With Mortigo's AI-powered process, you can receive pre-approval within 24 hours. Traditional bank applications may take 3-5 business days.
Does pre-approval guarantee I'll get the mortgage?
No. Pre-approval is conditional and subject to property valuation, document verification, and final credit assessment. However, rejection after pre-approval is rare if there are no material changes to your circumstances.