The benefits of getting pre-approved for your home loan..During the mortgage pre-approval process, a mortgage lender will review your financial situation to determine whether or not you're qualified for a loan. If you do appear to be qualified, they'll also give you a maximum amount they are willing to lend.
It's a worthwhile process for several reasons. Here are the four main benefits of getting pre-approved for a home loan, before you start shopping for a house.
1. You can identify problems early on in the process.
Lenders can uncover a lot of potential problems during the mortgage pre-approval process. Maybe your debt levels are too high in relation to your income. Maybe your credit score is too low. The sooner you can find out about these things,