It’s important to get a pre-approval as part of your mortgage process as it gives you the opportunity to access and compare your mortgage options. A pre-approval may also be called a mortgage prequalification or mortgage preauthorization. This pre-approval is important because it tells you the maximum loan amount you qualify for, and provides you with an estimate of what your mortgage payment could be. It’s also beneficial because it provides a temporary hold on any interest rates you’ve been quoted. This means that when you’re ready to move forward with the mortgage, you’re guaranteed those rates within a certain time frame. It’s important to note that even though you have a pre-approval, it does not guarantee that your mortgage loan will actually be authorized by MCAP, it’s merely a good place to start when shopping for a mortgage.