Being pre-qualified for a mortgage determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren't the only interested buyer. We work with several very qualified mortgage professionals that have excellent reputations, and track records for successfully acquiring a loan approval for our clients.

When you have been pre-approved, you don't have the added stress of wondering if you can afford to purchase a particular property -- it also signals that you are a serious buyer. The numbers have already been 'crunched', and you are ahead of a lot of other buyers who still need to go through this process.

It's also a good idea to know what your 'credit score' is before trying to get pre-qualified. If you have a mountain of debt, and a wallet full of credit cards, you will first want to do everything you can to get in 'good standing' before you apply for a loan.

Remember, that what you've been approved for is the MAXIMUM that the lender feels you can afford based on your income, downpayment, debts, etc. There are still many other expenses that you may accrue when purchasing a home -- if you plan on doing any renovations, these added expenses can start to build quickly. Don't forget about 'closing costs' which may include home inspection, legal fees, land transfer tax, property taxes, utility hook-ups, moving expenses, and property insurance.  

'Falling in love' with a house is easy to do -- but, be careful not to fall for the wrong one, or you just might be regretting it for a long time to come!