Mortgage preapproval is the first step in looking for a home. Many homebuyers think that the first step is actually going out to open houses and searching the market, but getting your mortgage preapproved is the smarter decision.According to SmartMoney, preapproved letters are prepared even before youve picked out your home. This allows buyers to know exactly how much they can borrow based on their current financial situation.Times have changed, and buying a home today wasnt like how it was when real estate was at its peak. Its not like choosing furniture anymore. Getting a mortgage preapproval will help the seller know if you are capable of buying, making the process go much more quickly.
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