THE VALUE OF A PRE-APPROVAL
If you're thinking about buying a home, a pre-approval is a fast and simple way to make your home buying experience easier from start to finish.
Pre-approval means you get an approval for a mortgage loan before you make an offer on a home or even find a home you want (This is in contrast to pre-qualification - a preliminary evaluation of your financial status that does not include a commitment to giving you a loan). That means you'll have the benefit of knowing how much home you can afford before you begin shopping for a home.
Get an edge over other buyers.
A pre-approval gives you buying power - the ability to make offers, negotiate price and terms, and even sign a contract to buy. It gives you an advantage over other buyers when you make an a house, because a pre-approval letter proves to the seller and real estate agent that you're financially ready to buy the home.