Before you shop, a lender can tell you how much you might borrow.
The difference
- Prequalification: a rough estimate, often based on what you tell the lender
- Preapproval: the lender checks your credit, income and assets and gives a conditional commitment
- Sellers often expect a preapproval letter with an offer
Shop around
Get preapproved by more than one lender. Comparing offers can save money over the life of the loan.
General educational information, not mortgage advice. Programs and rules change. Save More Haven isn't paid by any lender, broker or real estate agent.