The first step of the buying process is getting a pre-approval for a mortgage. The reason for this is because buyers need to know how much they’re able to borrow. This also aids in searching for appropriate properties, and prevents buyers from becoming attached to listings outside of their price range. It demonstrates you’re a serious buyer as a loan estimate is required for a down payment and closing costs. In addition, you’ll be able to hold an interest rate for a fixed period of time prior to committing. Calculate your mortgage using our free mortgage calculator to get started today.