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Most mortgage lenders take the guess work out of applying for a loan by figuring out the amount you can afford to borrow. Then, they give you a printed document stating the maximum mortgage amount you qualify for based on your particular finances and income. From there, you can look at your payment options, how much your mortgage will be each month (down to the cent!) and how long it will take to pay off... and be mortgage FREE! 

Mortgage pre-approval establishes your price range and strengthens your buying position by letting the Seller know that you have already been approved for the loan. 

Consider these Scenarios:

You're out looking at homes. Your Real Estate Broker never mentions that you should get pre-approved and just ballparks what you can afford. Of course, the more house he shows you, the better he usually comes out. You find the perfect house and work out a deal with the Seller. Three weeks later, the lender informs you that the house is $10,000 over what you qualify for and does not approve your loan. The Seller has already bought another house. You've given notice where you're renting and told all your friends about the great house you bought. And then, there's the money you've already spent on inspections on a house you can't own.


You and your REALTOR® have been working diligently finding that "perfect" home. A new listing comes on the market that's priced right and has got everything you've been looking for. You write an offer. Your REALTOR® takes it to the listing REALTOR® and is informed that another offer is coming in and your now in competition. Already having a pre-approval allows you to increase your offer if need be, without maximizing your limit. It allows more flexibility for negotiating and takes some of stress away from the process. An offer with a pre-approved Buyer looks much more attractive to Sellers. 

Should You Get Pre-Approved for a Loan First??

Most Definitely!!