Prequalified or Preapproved: What’s the Difference?

Sign showing the word preapproval with a home and calculator model to explain the process of being preapproved for purchasing a home.

One of the most important steps in the home-shopping process is for buyers to have an initial assessment of their ability to get a mortgage. As a buyer, already having a mortgage preapproval letter from a lender in hand means you can move quickly when you find the home you want. As a seller, having […]