When you are ready to purchase your dream home, you should consider mortgage pre-approval. Lenders carry out the pre-approval process to determine how much of a loan each home buyer can qualify for their new home purchase.
Mortgage pre-approval allows you to estimate how much of a loan you need and assures the seller that you can afford the property. The amount indicated in the pre-approval letter, which is valid for a maximum of 90 days, is based on your assets, credit score and income level.