If you’re looking to purchase a home, getting pre-approved for a mortgage is a great first step. Here are some of the positive benefits you can get by getting pre-approved.

1. You’ll know what you can afford - One of the biggest advantages of getting pre-approved is that it helps you understand how much money you can realistically afford to spend on a home. With a pre-approval letter, you can get a better idea of the price range you should be looking in. That way, you can avoid wasting time looking at homes you can’t realistically afford.

2. You may be seen as a more desirable borrower - When you’re applying for a mortgage, lenders prefer to work with borrowers who are better qualified. Having the pre-approval letter in hand can often give you a competitive edge over other buyers as it shows that you are already qualified and motivated.

3. You can close quickly - For sellers who want to close quickly, buyers who can show a pre-approval letter can be highly desirable. You’ll be in a better position to take advantage of any timely opportunities that may come up.

4. You have a better chance of getting accepted - Since lenders have already done background checks, including checking your credit score, they’re more likely to give you an official approval with a pre-approval letter than without.

In short, pre-approved for a mortgage can be highly beneficial for any homebuyer. It can open doors to an affordably priced house that you wouldn’t have been able to get approved for without the pre-approval letter. So make sure to get pre-approved before you start shopping for your perfect home.