Mortgage preapproval is a term you’ll frequently encounter on your journey towards homeownership, especially if you’re venturing into this arena for the first time. This crucial step not only offers you a clear picture of your financial standing but also instills confidence in sellers who see you as a serious buyer.

What is Mortgage Preapproval?

Mortgage preapproval is essentially a financial thumbs-up from a lender. It indicates that you are eligible for a mortgage up to a certain amount, based on your creditworthiness, income, and other factors.

Acquiring preapproval is vital because it outlines your budget, enabling you to target homes within your reach.…