A mortgage pre-approval is a lender's initial approval of the loan amount you qualify for, securing a specific rate for up to 120 days. It involves a review of your financial situation and helps define your home budget while enhancing your credibility as a buyer. To obtain pre-approval, choose a lender, gather necessary documents, apply, and finalize your budget. This process can save you money and provide tailored guidance, making it a valuable step in the home-buying journey.
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