Mortgage pre-approval means that a lender has reviewed your finances and, based on factors like your income, debt, assets, credit history, and employment, has determined how much you are qualified to borrow.
The benefits of pre-approval include the following:
- Gives you clarity when determining your homebuying budget;
- Helps sellers know your offer is serious;
- More confidence in your ability to secure a loan.
The best bet is to begin your homebuying journey by connecting with a trusted professional, to guide you through the entire process.