You might have an idea of the loan payment and mortgage you can afford. But will the lender feel otherwise? It's always best to get pre-approved for a mortgage so you know exactly how much a financial institution would be willing to lend you. 

In the pre-approval process, you will find out: 

- Exactly how much home or land you can afford. 

- How much cash you will need for the down payment. 

- The minimum down payment, and advantages of higher down payments.