What is a Pre-approval? Lenders analyze your finances – income, debts, assets, and so on – to determine if you could qualify for a mortgage and how much. This shows a seller that a lender is willing to stand behind you to give you money for the home
It’s important to have this to:
1. Determine how much you can purchase. This will help narrow down your home search and give you proper expectations.
2. Create the strongest offer possible. Sellers want as much of a sure thing as possible!