Why should I get pre-approved for a mortgage before looking for a property?

The main reason you should get pre-approved is that banks tend to have different appetites for the types of clients they will lend to based on profiles. As a buyer, pre-approval gives you comfort to know that you can look at properties and once you have found the property you want to purchase you will be able to move forward quickly with your bank of choice.

Pre-approval also shows prospective sellers that you are a serious buyer and you are not just window-shopping, this can put you in a more favourable position and assist in negotiations to get a better price.