1. During the mortgage pre-approval process the lender requests personal information regarding your finances such as your Notice of Assessment from having filed your tax returns, your latest pay statement, and will likely run a credit check. Which statement(s) are true with regards to a Pre-Approved Mortgage?

1. It provides you with an estimate of your potential mortgage payments.
2. It allows you to know the maximum amount of a mortgage you could qualify for.
3. It locks-in an interest rate for a certain time while you are looking to purchase a home (for example, 60-130 days, depending on the lender).
4. It guarantees the approval of a mortgage.

1. I, II, and IV
2. II, and III
3. III, and IV
4. I, II, and III
5. All the above