If you’re thinking about buying a home, getting pre-approved for a mortgage should be your first step. Pre-approval helps you understand your budget, strengthens your offer, and speeds up the home-buying process.

What is Mortgage Pre-Approval?

Pre-approval is when a lender evaluates your financial situation and provides a conditional commitment for a loan amount. This involves:

• A credit check
• Verifying income and assets
• Assessing debt-to-income ratio

Benefits of Pre-Approval

• Know Your Budget: Avoid falling in love with homes outside your price range.
• Stronger Offers: Sellers are more likely to accept offers from pre-approved buyers.
• Faster Closing: A pre-approved buyer can close faster, making them more attractive in competitive markets.

How to Get Pre-Approved

To get pre-approved, you’ll need documents like proof of income, bank statements, and credit history. Consulting with a mortgage lender can help you navigate the process smoothly.