Pre-approval is a green light from a lender. Put simply, it confirms you’re eligible to apply for a home loan up to a certain amount. Essentially, the lender checks your financial circumstances, to decide if you’ll meet their criteria and can afford to repay a mortgage. A home loan pre-approval usually lasts for three to six months and gives you a set budget during your property search. Here’s why home loan pre-approval is so important.

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