You've been dreaming about buying a home. You know you want to settle down in a new city, or maybe you're ready to move out of an apartment and into something more permanent. Whatever your reasons are for making such a big purchase, there are plenty of reasons why getting pre-approved should be the first step on your path toward homeownership.

Get an Idea of the Maximum Mortgage You Qualify For.

The pre-approval process provides you with an idea of the maximum mortgage you can afford, based on your income and financial situation. This will help you determine how much deposit you need to put down on your new home, as well as what interest rate and monthly repayments will be.

Pre-approval Takes a Few Days, Not Weeks or Months.

Pre-approval is a process that can take a few days, not weeks or months. The bank reviews your income and assets, looks at your credit history and score, and checks employment history and debt-to-income ratio.

The advantage of pre-approval is that you know exactly what amount of money you're approved for before making an offer on a home. If the price tag is too high for what the bank has approved in terms of mortgage payment (interest rate), then it's time to look elsewhere!

You Can Get Pre-approved Before You Start Looking for a Home.

If you're thinking of buying a home, it's important to know that pre-approval is different from pre-qualification. Pre-qualification is an estimate of how much you can afford based on what information you provide about your income and assets. A lender will run this calculation using their guidelines, which may be different than those used by other lenders.

Pre-approval, on the other hand, means that after reviewing all of your financial documents (such as pay stubs and tax returns) the lender has determined that you are eligible for a mortgage loan up to a certain amount based on today's market conditions--and they've already started collecting documentation from third parties like credit bureaus so they can make sure everything checks out before giving out any actual money!

Pre-approval Puts You in the Driver’s Seat When It Comes to Negotiating.

Pre-approval puts you in the driver's seat when it comes to negotiating. You can negotiate from a position of strength, knowing that your lender will approve the loan and fund it if you can reach an agreement with the seller.

This gives you leverage over the seller and allows for more flexibility during negotiations, such as:

• Negotiating for a better price on your dream home

• Getting a lower interest rate (and therefore paying less per month)

• Negotiating more closing costs covered by the seller or lender (this is often called "seller concessions")

It’s Easier to Qualify With a Pre-approval Because They’ve Already Run Your Credit and Income History Through Their Databases.

If you're in the market for a new home, it can be tempting to skip the pre-approval process and just get started looking at houses. After all, what's the point of putting in all the effort if you don't like what you see?

However, getting pre-approved makes things much easier on both sides of the table. For starters, it gives sellers confidence that they'll be able to sell their homes quickly because buyers who have already been approved by lenders are less likely than others to back out at the last minute (and less likely as well not to have any cash). In addition:

• You'll know exactly how much house you can afford before wasting time looking at properties outside of your price range

• It takes less time overall since there will be fewer houses for sale once we know exactly how much money we have available

It Closes Faster. The Vast Majority of Buyers Get Pre-approved and Then Find the Right Home Before Applying for an Actual Mortgage Loan.

The time it takes to close on a mortgage loan varies greatly, depending on the type of loan and the circumstances surrounding your purchase. However, it's generally safe to say that you'll want to get pre-approved as soon as possible so that you can shop around for homes without worrying about your ability to get financing.

There are many steps involved in closing on a mortgage loan, including:

• Getting pre-approved by an approved lender (like us!)

• Conducting inspections and appraisals of properties being considered for purchase

• Preparing all necessary paperwork required by banks or other lenders before finalizing the sale

Pre-approval Is the First Step to Buying a New Home!

Pre-approval is the first step to buying a new home!

You can get pre-approved before you start looking for a home, which puts you in the driver's seat when it comes to negotiating and closing. By being pre-approved, buyers know they have enough money available for the purchase of their next home. This will help them make better decisions throughout their search process because they won't need to worry about financing or wait until they find exactly what they want before applying for financing.

The benefits don't stop there--in addition to being able to shop without worrying about financing, pre-approval also closes faster because lenders can start working on loan documents right away instead of waiting until after an offer has been accepted by sellers.

Conclusion

So, if you're looking to buy a home and want to get the most out of your experience, then we highly recommend getting pre-approved. It can save you time and money (and maybe even some stress!). You'll be able to see what properties are available in your price range before making an offer on one, which means less time spent on house hunting and more time enjoying life.