The advantage of a pre-approved mortgage

Rather than doing the calculations yourself, you can ask for an estimate of the maximum amount that the financial institution will lend you, given your down payment and your ability to repay the loan. With a pre-approved mortgage in hand, your search for a new home will be easier since you will know how much you can afford to pay. As the interest rate on this loan is guaranteed for 90 days, you will also be protected against an increase in mortgage rates.