The Loan Process: Obtaining a pre-approved mortgage is a great way to get started in the home buying process. With a mortgage approval, you will be in a better position to negotiate with Sellers. You will also be able to close on a property quicker than other Buyers. This shows the Seller how serious you are about the property, and it will make the Seller more comfortable working with you. In a "seller's market," or where the number of properties on the market are limited, a pre-approved mortgage is essential.

Many Buyers apply for a loan and obtain approval before they find the property they want to buy.  Why?  Pre-qualifying will help you in the following ways:

• Generally, interest rates are locked in for a set period of time.  You will know in advance exactly what your payments will be on offers you choose to make.
• You won't waste time considering homes you cannot afford.
• A Seller may choose to make concessions if they know that your financing is secured.  You are like a cash Buyer, and this may make your offer more competitive.
• You can select the best loan package without being under pressure.