Before you start looking at homes, you should begin the mortgage loan
pre-approval process. In today’s highly competitive market, buyers who
have already arranged their financing will have a distinct advantage.
With a pre-approval in hand, you can shop for your home knowing what
your approved loan amount is, and how different loan amounts will
affect your monthly mortgage payment. This pre-approval will also help
your real estate agent know what price range to keep your search
within. Sellers will take your offer more seriously because you have a
lender who is committed to backing your offer. In a competitive
situation, a pre-approved mortgage could make the difference between
getting the home of your dreams or losing it to someone else.