Getting pre-approved for a mortgage is a crucial step in the home-buying process, allowing buyers to clarify their budget and demonstrate seriousness to sellers. The pre-approval process involves submitting a mortgage application, undergoing a credit check, and providing extensive financial documentation. Unlike pre-qualification, pre-approval offers a specific loan amount based on verified information. Pre-approval letters are typically valid for 60 to 90 days, and buyers should address any credit issues beforehand to strengthen their position in competitive markets.
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