Prequalify and Preapprove
Know What You Can Borrow
Getting prequalified for your mortgage loan gives you an idea of how much you can borrow. Most lenders offer prequalification for free and quickly based on information you provide about your income, employment and assets. The lender may also check your credit.
Let the Seller Know You’re Serious
Getting preapproved for your mortgage loan shows the seller that you’re a serious buyer with viable credit. It’s a conditional commitment based on underwriting review of your loan application, income and asset documentation, credit report and specific loan terms. Once preapproved, you may request a preapproval letter to show sellers that you're a viable buyer.