Thinking about buying a home? Before you start scouting neighborhoods and dream homes, there's an important first step you don't want to skip: getting pre-approved for your mortgage. And guess what? It's even more important right now. Since mortgage rates have come down from their peak late last year, more buyers are jumping back into the market. That means you could see even more competition from other buyers.

Here’s how pre-approval can help:
1.  The first benefit of getting pre-approved is it helps you understand how much you can borrow for your home loan. And that makes it a lot easier to figure out your price point and set a realistic budget. With home affordability where it is today, this can really help you wrap your head around your options. But there's more to it than just numbers.
2.  Getting pre-approved also puts you in a position to act fast when you find your dream home. It sets you apart from other buyers by showing sellers you’re serious and ready to make a move.