You’ve saved your down payment, organized your paperwork, and chosen a mortgage broker. You can get a mortgage pre-approval for free and don’t have to commit to one lender, but you can find out the following:

What you can afford for a home
Your maximum monthly mortgage payment
What mortgage interest rate do you have?
This information can help you establish your maximum purchase price. A mortgage pre-approval is a low-risk approach to get it. You can lock in a mortgage rate and lender for up to 160 days. If rates rise, you can still get the cheaper rate if you lock it in. Your lender will honor any rate reductions.