Getting pre-approved is an essential step that you should take before starting the process of getting a mortgage. It not only saves you time but also provides you with a clear idea of what you can afford. Pre-approval allows you to determine the purchase price range you should be looking for when searching for your dream home.

Once you have been pre-approved, you can take it a step further and calculate how much money you can borrow from a lender. This will give you a solid understanding of your financial situation and enable you to design a mortgage that suits your specific needs. By customizing your mortgage product, you can ensure that you are getting the best possible loan terms for your unique circumstances.

One major advantage of getting pre-approved is the ability to lock in the best interest rate available. By doing so, you get the peace of mind of rate assurance, meaning that your interest rate won't increase even if rates go up before your loan closes. This can potentially save you a significant amount of money over the life of your mortgage.

Another benefit of the fast pre-approval process is that it speeds up the overall approval process when you are ready to make an offer on a property. With pre-approval in hand, you can shop for properties confidently, knowing that you have already met the initial criteria for obtaining a mortgage.

In summary, it is crucial to get pre-approved before starting your mortgage journey. This process not only helps you save time but also provides you with a clear understanding of your financial position. By taking the time to get pre-approved, you can design a customized mortgage product, lock in the best interest rate available, and confidently shop for your dream home.