Find out how much you qualify for before finding your dream home and make your search enjoyable. Why start looking for a million dollar home, only to find out you cannot get the financing you need? Having this information tells you how much you can afford, and reduces stress and anxiety. Your pre-approval rate can be valid for up to 160 days. You are under no obligation to accept this rate. However, if rates drop during your search, you will receive the lower rate. Receiving a pre-approval does not guarantee you a mortgage. Lenders consider a number of factors including:

  • The property has to qualify, for example:
    If the purchase price is $700,000, but the appraised value is $600,000, the lender will not give you the mortgage amount that you were pre-approved for
  • The condition of the home
  • Any significant income changes