Pre-approval

A mortgage pre-approval is a process that helps you determine how much money you can borrow from a lender based on your income, credit score, and other financial factors.
Getting pre-approved for a mortgage can help you understand how much you can afford to borrow and give you an edge over other buyers when you make an offer on a house.
A mortgage pre-approval typically lasts for 90 days. After that, you may need to provide updated financial information to the lender.
Getting pre-approved for a mortgage requires a credit check, which can have a minor impact on your credit score. However, multiple credit checks within a short period of time can have a negative effect on your credit score.
To get pre-approved for a mortgage, you'll need to provide information about your income, assets, debts, and credit score.
The pre-approval process typically takes a few days, but it can vary depending on the lender and your individual financial situation.
Being pre-approved for a mortgage is not a guarantee that you will get a mortgage. The lender will still need to evaluate the property and your financial situation before approving the loan.
After you get pre-approved for a mortgage, you can start looking for homes within your budget. When you make an offer on a house, you'll provide the pre-approval letter to show that you have financing in place. If your offer is accepted, you'll move on to the next steps in the home buying process, including the mortgage application and closing.