Reported about 10 hours ago
Getting preapproved for a mortgage is crucial for homebuyers, as it outlines how much a lender is willing to lend based on your financial profile. The process includes selecting lenders, gathering financial documents, checking your credit report and debt-to-income ratio. Preapproval enhances your credibility with sellers and helps you target homes within your budget. Although getting preapproved can sometimes lead to denial later in the mortgage process, understanding the steps involved can empower buyers to navigate this important phase.
Source: YAHOO