Hopefully, all of the significant government mortgage rule changes are now in our rear-view mirror! Now more than ever, it is extremely important that potential homebuyers get pre-approved to buy a home as the maximum purchase price you may have qualified for in the past has now been reduced by at least 20%! Due to a higher mandatory qualifying rate regardless of your down payment amount and the contract rate that you have negotiated with the lender, using online calculators is not going to be accurate unless you know all of the new lending rules. While there is no guarantee of financing, a mortgage pre-approval acts as a proactive approach towards a positive outcome. Here are 7 tips about pre-approvals which will help in taking an educated approach to financing your new home purchase.