A mortgage pre-approval estimates how much you can borrow for a home by evaluating your financial information. It provides potential mortgage rates and monthly payments, allowing for stronger offers on homes. The process involves submitting personal identification, proof of income, banking details, assets, and debts. Pre-approval typically takes 24 to 48 hours, but can take longer. It helps set a realistic budget and can lock in mortgage rates. Outcomes include sufficient pre-approval, lower than expected amounts, or denial, with options to address each scenario.
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