Why would you consider getting pre-approved before buying a home? Years ago, buyers didn't worry about financing their home purchase until after they found the home they wanted to buy. 
Once they had an accepted offer, they'd shop around for a week or so and then submit a loan application.
The recent low inventory of homes for sale (in general) has made home buying highly competitive in some areas. To compete, many buyers are now getting pre-approved for a mortgage. This way, the buyer is seen as more stable, has greater influence in negotiating a purchase price, and can act quickly when they find a home the really love.
A pre-approved homebuyer is considered almost as strong as a cash buyer.
There are two parts to mortgage approval: 1) approval of the borrower, and 2) approval of the property. Mortgage pre-approval is a process whereby the borrower is approved for a specific mortgage amount. The approval is usually good for a period of time. A property approval is one with satisfactory appraisal and a clear title report. Final mortgage approval also requires a purchase agreement that is signed by the buyer and the seller.
If you'd like other helpful ideas before buying a house or condo in London, or how to get pre-approved for a mortgage (or even refinancing or a home equity loan), please call me at 519-435-1600.
I work with various lenders who have the same work ethic as I do. 
They will not stop until they can help you!
Ty Lacroix Broker of Record & Owner
'NOT ALL REALTORS* ARE THE SAME', One call or email to me and you will know why!
Your London and S/W Ontario source for results!
519-435-1600 www.enveloperealestate.com
