Ready to get serious about buying a home? Get preapproved for a mortgage.

In a nutshell, a mortgage preapproval letter is a written statement from a lender affirming that you’ve qualified for a home loan and specifying how much money the lender will allow you to borrow. Historically, sellers have preferred offers that include such a letter, but many have begun requiring that buyers get preapproved before even taking a tour.

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