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How does the mortgage pre-approval process work?

Author: Keith Uthe Demystifying Mortgages |

During the mortgage pre-approval process, a lender evaluates your financial situation, including your credit score, income, and debts, to determine how much they are willing to lend you. This gives you an estimate of your borrowing capacity and can help you in your home search. Pre-approvals are typically valid for a certain period, usually around 90 days.