What’s the Difference Between Being Prequalified and Preapproved for a Mortgage?

Buying a home can be intimidating, especially in a hot housing market. Before starting to shop for a home, it's important to know how much you can afford. Prequalification is a quick and easy process, while preapproval is more formal and involves submitting documentation. Preapproval provides a more detailed estimate of your homebuying budget and signals to sellers that you are committed to buying.

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