The time it takes to close a real estate transaction can be lengthy. However, having a pre-approval can streamline the process because much of the financial documentation and background checks have already been completed. This can lead to a quicker closing, which can be beneficial for both buyers and sellers.

Without pre-approval, you might find the perfect home only to discover later that you can't secure the necessary financing. This can lead to disappointment and wasted time. Pre-approval helps ensure that you are looking at homes you can realistically purchase.

Mortgage pre-approval allows you to plan your finances more effectively. You'll know your estimated monthly mortgage payments, which can help you budget for other expenses and plan for the long-term financial commitment of homeownership.