A mortgage pre approval is something that can be obtained from a traditional bank, credit union, or mortgage broker. These different options may offer similar, overall, products but with varying interest rates and conditions.For this reason, it is important that you consider not just the rate but also the conditions to ensure that you choose the best product for your specific situation.

While this process does not guarantee your approval it can give you the confidence when setting your budget and negotiating a purchase price. 

WHAT A PREAPPROVAL CAN DO FOR YOU

A preapproval is used to determine the maximum amount of a mortgage you could qualify for, estimate your mortgage payments at a given purchase price, and most importantly, lock in an interest rate for a set number of days. This can insulate you from increases in mortgage rates before you have an accepted offer on a home.

WHAT YOU NEED TO OBTAIN A PRE APPROVAL

During the preapproval process, they will look at your finances to find...