A pre-approval is when a potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you.Ā 

With a pre-approval, you can:

  • Know the maximum amount of a mortgage you could qualify for

  • Lock in an interest rate for 60 to 120 days, depending on the lender

  • Estimate your monthly mortgage payments

  • Understand the terms & conditions for the mortgageĀ 

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