In today’s competitive housing market a pre-approval can be the difference between an accepted offer and losing out on your dream home. A true pre-approval involves much more than talking to someone about numbers. It involves providing as much information as you can upfront and getting written confirmation of the mortgage you qualified for, the rate, as well as the terms.

Here are three important tips you need to know about pre-approvals:

• Time will be critical. Providing proof of income, down payment, and credit information prior to purchase will save time after an offer is made.
• The rate is not always the most important feature. You should talk to your mortgage consultant about which mortgage solution is best for you.
• You can save thousands by discussing mortgage features ahead of time. Ask about pre-payment options to help you pay the mortgage off faster, and penalties if you need to change your mortgage mid-term.