Why is a mortgage pre-approval important?
Mortgage pre-approval is important for a number of reasons:
- It determines the maximum mortgage loan for which you qualify.
- It allows your REALTOR® to show you a range of properties in your price range.
- It allows your REALTOR® to make a realistic offer on your purchase, and saves time in the negotiation process.
- It holds the interest rate for a period of up to 120 days, guarding you against rate fluctuations.
- It provides peace of mind during the home-buying process.