Financial page: Why Get Pre-approved for a Mortgage

Getting pre-approved for a mortgage helps you in several ways: it saves time for your home search because you’ll only look at homes in your price range. Finally, when it comes time to make an offer on a home, the fact that you are pre-approved signals to the seller that you should have no problem financing the purchase, which will improve your chances in a competitive offer situation. Don’t forget that if interest rates fall while you are locked in, your lender will honour the lower rate.

And that’s what a mortgage pre-approval is: the process of determining whether a borrower meets a particular lender’s guidelines for a home loan. A mortgage pre-approval gives you some confidence that you are a qualified borrower in the eyes of a lender. This is beneficial because the last thing you want when going through the home buying process is to have done your own calculations and have figured out what you think you can afford, then apply for a mortgage with a lender and receive an entirely different interest rate based on your overall strength as a borrower. To avoid any nasty surprises, it’s best to get pre-approved before doing anything else. (Apart from saving money, of course!).
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