One of the best things you can do to ensure you get the home you want is to arrange for financing before you go shopping. This is often referred to as getting “pre-approved”.
Getting pre-approved simply means that your lender has calculated how much of a mortgage they’re willing to offer you, depending on your down payment and current financial situation.
In most of the cases, there is NO commision involved and, via Internet, you can receive and send the application back from your sofa. Your Mortgage Broker generally can get you a pre-approval in a few hours (or sometimes even minutes).
There are two advantages to having a pre-approved mortgage. First, you know exactly what you can afford when shopping for a new home. Second, when you make an offer, you’re likely to be taken more seriously bacause you are in a more powerful position in front of the Seller.