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What is purchasing power?

If you are in the market to purchase a home, you may have heard the term, "purchasing power" or "buying power." What does this mean?

Well, it is basically a homebuyers ability to buy a home using mortgage money, aka a home loan.

Let's say you have been pre-approved to buy a home for $250,000. You can start looking for a home in that price range without having $250,000 in your bank account. You have the power to purchase a home because of money from a mortgage.

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