If you take a poll of 100 real estate agents and ask what the most important first step for buyers is, the vast majority of responses will be, “get a preapproval for a mortgage.” Cash buyers can bypass this step, but for any buyer planning on financing their home purchase, preapproval for mortgages is absolutely vital. I will share what a preapproval is (and is not), the differences in prequalification vs preapproval, how to get a preapproval for a mortgage, and why every financed buyer should have one before they even think about going home shopping.
