A pre-approved mortgage reviews very basic information on your mortgage application for a loan amount before you start looking for home to purchase. It primarily acts as a rate hold, guaranteeing you today’s interest rates until up to 120 days in the future, it does not guarantee that you will get approved. Your income, credit history, qualifying ratios and the property will have to be approved by the lender so make sure you have a subject to condition of financing on your purchase agreement offer.