– Despite obtaining a pre-approval, the rate and other factors such as property appraisal are subject to change.
– Pre-approval will essentially tell the maximum amount you can borrow. However, it is not necessary to use the entire amount.
– Pre-approval is proof that you have the capacity to afford a house. However, it will be up to the lender to decide whether to consider your request.
– Image courtesy: homeguides.sfgate.com