A pre-approved mortgage, or ‘pre-approval,’ provides you with an understanding of how much you qualify for. The pre-approval is calculated based on information provided by you and is generally subject to certain conditions being met before the mortgage is finalized. Conditions would usually be things like ‘written employment and income confirmation’ and ‘down payment from your own resources’, for example. Good mortgage brokers will ask you to provide all supporting paperwork, such as pay stubs, job letter, etc. before giving you the pre-approval. This reduces the chances of your mortgage application getting declined after you have made an offer to purchase a home. Most successful real estate professionals will want to ensure you have a pre-approval in place before they take you out looking for a home. This is to ensure that they are showing you property within your affordable price range. In summary, a pre-approved mortgage is one of the first steps a home buyer should take before beginning the buying process.