A mortgage pre-approval gives you an estimated borrowing amount and, often, a rate hold — but it's based on the financial snapshot you provide at the time, not a final underwriting decision.
Lenders re-verify income, employment, and debt load at the time of your actual application, so any major change — a new car loan, a job switch, a large credit card balance — can affect your final approval.
Use your pre-approval as a budgeting tool, not a spending ceiling. Most advisors suggest shopping in a range comfortably below your maximum approved amount to leave room for closing costs and moving expenses.
Get the pre-approval in writing, confirm how long the rate hold lasts, and ask what documentation will be required again at final approval so there are no surprises close to your possession date.