A major advantage of completing the pre-approval process before you find a home is that you will have an opportunity to correct any qualification deficiencies in a pressure free environment. Moreover, you will have a clear understanding of your price range, cash needed, monthly payment, interest rate, etc.

A pre-approval puts you in an advantageous posistion to negotiate your offer on a property. The Seller is more likely to agree to price and/or term concessions if you have been pre-approved. They understand that most pre-approved loans can be closed in about two weeks.

In the case of multiple offers, most often the offers of pre-approved Buyers are considered first and given a higher priority over someone who has not bee pre-apporved--even though the Buyer who has not been pre-approved my be "more qualified" than any of the pre-approved Buyers!