Going through the pre-approval process will help you to determine how much you can afford before taking the final step of getting a mortgage. With pre-approved for a mortgage, a lender provides you with approval for an agreed interest rate and the total amount they are willing to lend you.
Having a pre-approved mortgage will allow you to put in an offer on a home quickly, which means you can avoid the risk of losing your ideal property to someone else.
Pre-approval also gets the mortgage approval process to move along faster since much of the paperwork is already done. All that remains for a lender to approve your mortgage would be submitting the purchase agreement.
Bear in mind that mortgage pre-approvals have a validity period of 90 to 120 days.