It is recommend that clients get a pre-approved mortgage certificate. A pre-approved mortgage certificate is a written commitment that you will get a mortgage for a set amount of money, at a specific rate of interest that is guaranteed for 60 to 120 days depending on the financial organization you choose. The commitment is made subject to a financial assessment and property appraisal.
A pre-approved mortgage gives you an edge. Before you even go house hunting, you will know the size of your mortgage, the interest rate, and the size of your monthly mortgage payments. A pre-approved mortgage also puts you in a stronger bargaining position when you make an Offer to Purchase.