Looking to buy a home? A pre-approval is a conformation from a lender that you qualify for a mortgage loan based on your income and credit history. The pre-approval typically specifies the term, interest rate, and loan amount of the mortgage and is valid for up to 120 days (conditions may apply).
If you are in the market to purchase a home, obtaining a pre-approval can be a valuable tool in making your offer stand out and can be the first step in the home purchase process.
