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What is a Pre-Approval Home Loan?

A loan pre-approval means that a lender has agreed, in principle, to lend you an amount of money towards the purchase of your home but hasn’t proceeded to full or final approval. It allows you to know your maximum available funds so you can narrow your search and negotiate with more certainty.

Understanding your budget and knowing how much money you can afford to spend will give you the confidence of knowing if your dream home is within your reach and can help you move faster in competitive markets.