 TITLE: How Can I Get Prequalified for a Mortgage Loan? CONTENT: Differences Between Mortgage Prequalification and Preapproval\n-------------------------------------------------------------\nPrequalification and preapproval are essentially the same concept: They're processes lenders use to determine whether a potential borrower can afford to take out a loan or credit card. With some loan types, these terms are used interchangeably. When you're applying for a mortgage loan, however, there are some distinctions between the two.\nFor starters, prequalification includes a simple check of your finances and credit history to give you an estimate of how much you can borrow if you qualify for the loan—there is no guarantee based on a prequalification alone. For many, it's the first step they'll take when they reach out to a mortgage lender or broker.\nPreapproval, on the other hand, gives you a more accurate picture of whether you're eligible for a mortgage loan, as well as what interest rate and terms you can expect. You'll submit an official mortgage loan application, and the lender will provide you with a preapproval letter, which is good to use when making an offer on a house for up to 90 days from the date the letter is issued.\nKeep in mind, though, that an approval letter is an offer from the lender, not a commitment to finance. You'll need to undergo another check of your credit history and finances at closing to solidify your financing terms. END