What is the benefit of getting pre-approved?

A mortgage pre-approval is just like applying for a mortgage, but it’s done before you shop for a home. You will determine how much you can afford and the price range you can shop in. If you choose a fixed interest rate mortgage, you are guaranteed a rate during the pre-approval period, so you are protected if interest rates rise while shopping for a home. If interest rates lower in that period, you will receive the lowest rate available.

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