Why Pre-Approval is important

It’s important to get pre-approved for a mortgage. By receiving a mortgage pre-approval beforehand, you'll have fewer major hurdles to overcome when you decide to make an offer.

The best time to get pre-approved for a mortgage is technically when you're shopping around. You want to do it ideally before you're shopping around, so you can get an idea of exactly how much you can afford, what your monthly payments are, what your monthly obligations are.

Potential buyers should estimate their comfort level with a given house payment rather than immediately aim for the top of their spending limit.