If you’re thinking about buying a home soon, you should start shopping around early with different mortgage lenders so you can find the best loan for you. You’re also going to want to get pre-approved.
When you get pre-approved, you give a lender your financial details, and the lender reviews them to determine if you’ll likely qualify for a home loan. While pre-approval isn’t an ironclad guarantee that you’ll get your loan, it does mean you’re more likely to secure financing, provided your circumstances don’t change.
It can take time and effort to get pre-approved for a mortgage, but it’s worth doing before you start going to open houses or scheduling home showings. Let’s look at three big reasons why you should get pre-approved before beginning the home-buying process.
