Some people avoid pre-approvals because they feel they know how much house they can afford – or that the money fairy will suddenly appear when they find the property of their dreams. Not having a pre-approved mortgage often leads to unsuccessful bids due to financing falling through, leaving both the buyer and seller in an extremely disappointing situation. In other cases buyers become 'house rich and cash poor' because most of their income is spent on housing. It's worth it to take the time, which can be less than an hour or two, to start off on solid financial ground. more... See more text