 TITLE: How to Get Preapproved for a Mortgage CONTENT: Mortgage Preapproval vs. Prequalification: What's the Difference?\n-----------------------------------------------------------------\nWhen you're shopping for mortgages, you'll likely encounter a process called mortgage prequalification, which should not be confused with mortgage preapproval. Mortgage prequalification generates an estimate of how much money you may be eligible to borrow—but no details on interest rates, fees and the like—after you answer a few quick questions online or over the phone about your income, assets and debts.\nMortgage preapproval is a much more formal process that requires you to complete a detailed mortgage application form (either hard copy or digital), submit supporting documentation to back up your financial claims, and undergo a thorough examination of your credit reports and scores. Because applying for mortgage preapproval is essentially the same as applying for a mortgage loan, you may also have to pay an application fee.\nSome real estate agents might like to see a mortgage prequalification before agreeing to work with you. But because a prequalification may not include any examination of your credit history or other documentation proving your finances, it won't carry nearly as much weight with sellers as a mortgage preapproval. END