Can I get my mortgage pre-approved before I choose a home?
Yes. Pre-approval is the bank's check of your income and commitments before you have a home, and it tells you how much you can borrow. It is not yet an approved loan: final approval comes after the bank values the home you choose, with a new ESIS and the draft contract. Asking for it before you look for a home saves time and protects the deposit you pay on the promissory contract.
In this guide
What is pre-approval?
It is the bank's first look at your profile: your income, the loan payments you already have, your job and your credit history. Based on this, the bank tells you how much it is willing to lend and on roughly what terms.
You can ask for it before you choose a home. That way, you know how much you can count on when you go to see homes.
Pre-approval is not final approval
Pre-approval does not bind the bank. Final approval only happens once there is a home: the bank values the property, checks the documents and gives you a new ESIS (European Standardised Information Sheet, called FINE in Portugal) with the approved terms, and the draft contract.
From that point, the law protects you. The bank must keep its offer for at least 30 days, and you have at least 7 days to think before you can sign.
What can change before final approval
- The valuation comes in below the price. The bank lends on the lower of the price and the valuation, so you may need a bigger deposit.
- Your situation changes. A new loan, a credit card balance or a new job can change your affordability ratio.
- The home has paperwork problems. Unlicensed areas or a missing usage licence can stop the loan.
- The pre-approval expires. How long it lasts depends on the bank. After that, the bank checks your application again.
How much can you borrow?
Banks follow the Banco de Portugal's recommendation. Since 1 August 2026, all your loan payments should, as a rule, stay below 45% of your net income, tested with a higher interest rate. For a main home, the bank lends up to 90% of the lower of the price and the valuation. See the guide What is the effort rate, and what should mine be?.
How to ask for it, step by step
- Run the numbers first. Our affordability calculator gives you a first idea.
- Gather your personal and income documents. The list is in the guide Which documents do I need to prepare to get started?
- Get your credit report from the Banco de Portugal. That way you see what the bank will see, before the bank sees it.
- Ask more than one bank. It is the way to compare amounts and terms before you choose.
- Only then sign the promissory contract, with your deposit protected. See Should I sign the promissory contract (CPCV) before my mortgage is approved?
Where FINOVA helps
We prepare your application once and present it to the banks we work with. We stay with you from pre-approval to final approval and completion. Our fee is paid by the bank.
Sources
- Banco de Portugal — Home loans: how to take one out (in Portuguese)
- Banco de Portugal — Limits on LTV, DSTI and maturity (in Portuguese)
Sources checked on 23 October 2026.
Frequently asked questions
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No. What binds the bank is the offer it gives you with final approval, in the ESIS, for at least 30 days.
It depends on the bank. Ask for it when you are actively looking for a home, and check how long it lasts with the bank.
Yes. It is the way to compare amounts and terms before you choose a bank.