By proving you have lenders backing you, your mortgage pre-approval could help you negotiate on price — it may also be a deciding factor for sellers who receive multiple bids.
Pre-approval involves requesting a copy of your credit history and an examination of your application information and the documents you provide. This will show as an inquiry on your credit report.
Because pre-approvals are only good for a certain amount of time, we recommend that you apply for a pre-approval when you are fairly certain you’ll buy a home within the next 90 days.