Pre-approval for a mortgage eases the homebuying process. It gives you a sense of the maximum your bank is willing to lend you for your home purchase and what your monthly payments are likely to look like. Pre-approval, also called mortgage preauthorization, also assures sellers that you’re qualified to close the deal when you put in an offer. This can make you a more attractive bidder than one who doesn’t already have pre-approval for a mortgage loan. You can get pre-approved for a mortgage through a lender (such as a bank or credit union) or a mortgage broker. Brokers don’t lend you money directly, but can help you shop among different lenders and can facilitate a mortgage loan. Whoever you work with, to get pre-approved, you’ll need to provide information about your identity, employment and income, and you’ll need to confirm that you’ve been employed for at least two years. You can usually get pre-approval online. When a lender pre-approves you for a mortgage, they typically also guarantee fixed interest rates for a set period of time while you shop for your new home. BMO offers a 130-day mortgage rate guarantee following pre-approval. Other lenders usually offer up to 120 days, or may offer even less time, like 60 or 90 days. BMO’s mortgage rate freeze after pre-approval gives you more breathing room to shop for the right home without worrying about a potential interest rate increase. It’s important to note that while pre-approval is a helpful step in the mortgage process and can provide useful perspective, it doesn’t guarantee you’ll be approved for a mortgage from the lender.