Why should I get Pre-approved for a Mortgage?

Author: Gary Corriveau

Getting pre-approved for a mortgage helps you in several ways. It saves time in your home search because you will only look at homes in your price range. Getting pre-approved is also a signal to your real estate agent that you are serious about buying, and you will receive faster more targeted service. Finally, when it comes time to make an offer on a home, the fact that you are pre-approved signals to the seller that you should have no problem financing the purchase, which will improve your chances in a competitive offer situation. Do not forget that if interest rates fall while you are locked in, your lender will honor the lower rate.