Before you get any further in the home buying process, you must first obtain your preapproval from a mortgage lender. But what exactly is a preapproval?
A preapproval is a written acknowledgement from a lender that states you are qualified to obtain a home loan for the amount requested. But what many buyers may not understand is there is a real difference between a prequalification and a preapproval. The terms are not interchangeable.
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