A pre-approved mortgage certificate is a written agreement stating that you will get a mortgage for a set amount of money at a set interest rate, which will be guaranteed for a set time depending on the financial institution you choose.
Obtaining a pre-approved mortgage allows you the freedom of shopping for a home knowing that you can afford to pay for it.
Benefits of Having your Pre-Approved Mortgage
- It makes your home search more efficient by allowing you to focus only on homes you know you can afford.
- It lets Sellers know that you can back-up your offer so they don't have to worry about whether you can get a loan.
- It lets you know, early in the process if you will have difficulty getting pre-approved, so you have a chance to address problems before finding a home.
- It gets most of the mortgage process out of the way up front so you can complete your transaction quickly after you find a home.
- It puts you in a strong bargaining position when you make an offer to purchase.
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