If you’re searching for a new home, make sure to get pre-approved for a mortgage. With pre-approval, a licensed mortgage professional can verify your financial information before you start shopping, so you know exactly how much you can spend on a new home.

Working with a mortgage professional to get pre-approved will give you a clear understanding of what you can afford based on lender and insurer criteria, including your payments on a specific mortgage. You can also lock in an interest rate for up to 120 days while you search for your dream home. This ensures that you’ll get a mortgage at the guaranteed rate or lower if interest rates drop, and you won’t be affected if they rise.

To get pre-approved, you must provide a mortgage professional with some basic information about your finances. They can then advise you on the best mortgage products to suit your needs, including shorter or longer mortgage terms and the latest available programs. They’ll also explain all the costs associated with buying a home.

Before starting their search, obtaining a mortgage pre-approval is essential for every home buyer. A pre-approval gives you confidence in your ability to secure financing and puts you in a strong negotiating position with other buyers who haven’t been pre-approved.