Is pre-approved home loan the best option?

The process of buying a home has two major components; one, searching for finances, and two, searching for home.

Both of these are time consuming and require enormous efforts.

Usually buyers get bogged down by details. How wonderful it will be if someone can assure us with finances and all we have to focus on is to find a nice home.

Pre-approved home loan provides us precisely that option.

Pre-Approved Loan - The concept

Before we discuss what the pre-approved loan is, let's understand the close cousin of it, known as pre-qualification loan.

This is an assurance from the bank by looking at the basic information that we provide.