 TITLE: How to Shop for a Mortgage CONTENT: Get Preapproved for a Mortgage\n------------------------------\nOnce you feel your credit score is mortgage-ready, you can explore loan offers. You can do this by getting prequalified or preapproved. Although the terms are often used interchangeably, they have different meanings.\n*   **Prequalification** includes a quick review of your finances and credit history that helps estimate how much you could possibly qualify for. It only takes a few minutes to get prequalified, and you can call in or visit the lender's website to answer a few questions about your income, assets and debts.\n*   **Preapproval** is a more in-depth process that paints a more accurate picture of your eligibility for a mortgage. You have to formally apply for a mortgage loan and submit supporting documentation for the lender to review. Expect to provide personal details, consent to a credit check, and offer income documentation and a list of assets and debts. Some lenders also collect an application fee to get the ball rolling.\nIf everything checks out, you will get a preapproval letter that includes loan terms and your interest rate. Most preapproval letters are valid for up to 90 days and can be used to make an offer on a home. END