A mortgage pre-approval is a document from a lender conditionally offering you a mortgage and containing its terms, such as the loan amount, monthly payments and interest rate. This is a lender’s promise that unless your financial situation changes by the time of purchase, you’ll be approved under the outlined terms.

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With your mortgage pre-approval:

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• You'll have an exact knowledge of your budget and how much home you can afford
   

• You'll earn credibility with sellers because you can document your buying power