Serious homebuyers know that getting a pre-approval from a mortgage lender is the first important step before they go out to the market and look for their dream homes. Pre-approval helps homebuyers determine the amount they could borrow to buy a home. Most sellers accept offers from homebuyers who have already been pre-approved by a mortgage lender.
Getting a mortgage pre-approval, or simply “pre-approval,” is an important step in the homebuying process that you may want to consider if you want to fulfill your homeownership dreams. A pre-approval simply means that a lender initially determines that you qualify to take out a mortgage up to a certain amount. Obtaining a pre-approval from a lender could give you an edge especially when there’s a low inventory in the housing market.