How to Nail Your Mortgage Pre‑Approval

A smart guide for New Orleans buyers—six months to six days before go-time

Whether you’re buying your first home or your fourth, here’s the truth: pre-approval is the standard, not the extra credit.

It’s not about getting a gold star. It’s about building strategic leverage so you can move with purpose and options—especially in a market like New Orleans, where inventory is nuanced, timelines can shift, and the strongest offers aren’t always the highest, but the clearest.

And wouldn’t it be nice if you found out you could borrow $200,000 more than you planned to, rather than $50,000 less—on the same income?

That doesn’t happen by accident. It happens with intention, and with a smart pre-approval strategy.

A Little Clarity on Mortgage Terms

Most people use “pre-approved” and “pre-qualified” interchangeably, but they’re not the same.

Pre-qualification is often the first step: a lender gives you an estimate based on what you share. It’s helpful for setting expectations, but it hasn’t been verified.

Pre-approval goes deeper. Your income, credit, assets, and employment are reviewed. Real documents. Real analysis. Some lenders even run it through underwriting before issuing the letter.

At Cool Murphy, we work with VIP lending partners who can offer both—so you can be as certain as you need to be, and in some cases, nearly as competitive as a cash buyer.

Why Pre-Qualification is Required for Private Showings

We get asked this all the time: Can I see homes before I’m pre-qualified?

Technically, yes. That’s what open houses are for.

But private showings are different. They take effort, coordination, and a level of respect—for everyone’s time and space.

If you’ve never sold a home before, you may not realize what it takes to get ready for a showing. So let’s flip it for a second. Imagine this:

You’re asked to host a meeting at your house. You take off work early. You tidy up. You shove your laundry into a closet, clean out the sink, light a candle, leash the dogs, and grab the baby to go drive around the block. Maybe you cancel your afternoon plans to make it happen. And then, the person who walks through? They’re just… looking. Not sure what they can afford. Not sure when they want to move.

That’s what it feels like when someone requests a showing before they’re financially ready to buy.

This isn’t about gatekeeping. This is about protecting your own time—and others’.

And it's not just sellers who notice. Realtors do too. Over time, agents who repeatedly bring unqualified buyers develop reputations. And while we don’t worry about reputation for reputation’s sake, in a city like ours, market trust matters. It’s what gets us access to properties before they hit the market. It’s what makes other agents want to work with us—and by extension, want to work with you.

So yes, you’ll find someone new to the business or eager for leads who’ll show you homes without documentation. But that’s not how we operate. Not out of rigidity—but out of care.

Because what if you fall in love with a home? What if you’re ready to write on the spot—and someone else, with their paperwork in hand, beats you to it?

It happens. And we don’t let it happen on our watch.

What You Actually Need

And what to know if your situation doesn’t fit the textbook

Getting pre-approved means putting your financials through a light form of underwriting. This isn’t just “how’s your credit?”—this is real analysis. You’ll need:

✅ Documented, stable income or proof of funds

Don’t have a W‑2? That’s okay. But your income still needs to be traceable. If you’re self-employed, gig-based, or in transition, this part takes planning.

Lenders will usually want to see:

• Two years of W‑2s and pay stubs

• Or two years of tax returns (for self-employed buyers)

• Or a bank statement loan that shows real income flow

• Or recent proof of funds (if you're paying cash or covering a large portion)

  
  

“Not all income is visible on tax returns. Especially here. But that doesn’t mean you’re out of options. It just means you need a lender who gets it—and we’ve got you.”—Elisa Cool Murphy

✅ Credit that’s consistent—not perfect

You don’t need an 800 score. But you do need a credit history that reflects responsibility and predictability. And here's the twist: sudden changes—even positive ones—can hurt you.

Think: paying off your credit cards all at once, closing accounts, or moving balances. Those moves often lower your score, not raise it.

If you’re thinking of “cleaning up” your credit before applying, pause. Talk to a lender first. The right move for one buyer could be the wrong move for another.

What to Avoid When Applying for Your Mortgage (Especially in the Final 60 Days)

Even experienced buyers miss this part—particularly those who’ve bought multiple homes, feel financially stable, or are newly retired and confident in their assets.

Confidence is great. Overconfidence is what causes problems.

🚫 Don’t buy a car

Obvious, but worth repeating.

🚫 Don’t buy furniture or appliances—even at 0%

This one’s newer. Retailers offer deferred interest, but those 0% financing offers still show up as new credit lines and affect your debt-to-income ratio. We’ve seen them tank approvals.

🚫 Don’t co-sign for anyone

Even for a short-term loan. If your name is on it, it counts.

🚫 Don’t make large deposits or move money around

Every deposit needs a paper trail. If you’ve been stacking cash under a mattress—or a mattress store—now’s the time to start documenting your flow.

🚫 Don’t close old credit cards

Even with zero balances, closing accounts can lower your score by reducing available credit and shortening your credit history.

🚫 Don’t change how you’re paid without checking first

Changing jobs in the same industry? Usually fine. But switching to self-employed, contract-based, or commission-heavy roles requires more explanation. Always check in before making the leap.

What If You’re Not a Textbook Buyer?

You might be newly retired. You might have sold a business. You might have a strong portfolio but low monthly income. You might have taken every deduction available and reported less than you earned. Or you might just need a different route.

This doesn’t disqualify you—it just means we go a different direction.

We work with lenders who offer:

• Bank statement loans

• Portfolio loan options

• 1099-based approvals

• Second-opinion reviews

  
  

“Lenders aren’t sitting there with a DENIED stamp. The good ones want to make the deal work. But dumb money doesn’t make money. So they want you to win—but they want you to win sensibly.”—Elisa Cool Murphy

Your Pre-Approval Timeline

(And yes, this can be accelerated)

Time to Offer	What to Do
6 months out	Call us. We’ll connect you with a VIP lender. They’ll customize a plan that fits your timeline and finances.
3–4 months out	Organize documents. Start setting aside savings and let funds season.
60–90 days out	Keep things steady. Don’t open or close accounts. Avoid big deposits or job shifts.
30 days out	Submit for full pre-approval. This is when underwriting can begin in earnest.
7–10 days out	Refresh docs as needed. Don’t assume last month’s statement will still suffice.
Day Of	Be ready. The right home doesn’t wait—and your offer needs to be complete the moment you make it.

Bottom Line: The Letter Is Not the Goal—The Leverage Is

We’ll never send a seller your full pre-approval amount. But knowing that amount means you control your budget—not the bank.

It means we can expand your options, tailor your offers, and navigate from strength—not guesswork.

Because the strongest offers aren’t the loudest or highest. They’re the ones that show up prepared.

Next Steps: Avoid the #1 Reason Deals Fall Apart

Recent data shows that more home sales are falling through today than at any point in the last decade. And one of the leading causes? Financing falling apart late in the game.(Source: Mortgage Professional America, July 2025)

What does that mean for you?

It means that who you shop with, and who you borrow from, matters.

If you're even thinking about buying this year, this is your window. Let’s make sure you’re not just approved—but actually ready.

📩 Text us. Call us. Email us. We’ll match you with the right lender and walk you through what comes next.

No guesswork. No wasted time. Just a better way to begin. That’s the Cool Murphy way.

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Voted Neighborhood Favorite by Nextdoor three years in a row, Cool Murphy Real Estate is a top-producing, licensed real estate team based in New Orleans, brokered by Cool Murphy, LLC.

Celebrated for her next-level creative approach to real estate, Elisa Cool Murphy is an award-winning, top-performing real estate broker in New Orleans and the founder of Cool Murphy Real Estate.

You can learn more about her here.

Contact Her -

email: cool@coolmurphy.com

Facebook: @homeinneworleans

IG: @coolmurphynola

YouTube: @coolmurphynola

phone: 504-321-3194