What is a pre-approved mortgage? Does it guarantee I’ll get the financing I need?

Having a pre-approved mortgage means that that you’ve reviewed your earnings, assets and liabilities with a professional, who has determined the amount of money that you should be able to borrow for the purpose of purchasing a home. This is not a full approval, as should your situation change drastically between getting pre-approved and buying a home (should you lose your job, rack up lots of debt etc) you may no longer qualify for that loan.