What is the purpose of getting a pre-approval certificate from a financial institution?
A)To guarantee you a mortgage interest rate valid for 30 days
B)To provide you with a guideline on how large a mortgage you can afford
C)To guarantee funding so you can make an offer on a house
D)To guarantee you will be approved for a mortgage

Question

Quizplus · Accepted Answer

The purpose of getting a pre-approval certificate is to provide you with a guideline on how large a mortgage you can afford based on your financial situation, credit history, and other factors. It is not a guarantee of funding or approval, but rather a preliminary evaluation of your eligibility for a mortgage.

What Is the Purpose of Getting a Pre-Approval Certificate from a Financial