What happens after I receive a Mortgage Pre-approval?

Author: Gary Corriveau

Once you have been pre-approved, you will know the maximum amount you can afford to borrow, as well as the mortgage rate lenders are willing to offer you. Your pre-approval keeps you protected from future interest rate increases for the next 60 to 90 days while you search for a home. You can then take the maximum mortgage amount and use it as a guide during your house-hunt, so you only view homes you know you can afford to buy.