How mortgage preapproval works and why it matters before buying a home

Mortgage preapproval is a lender's letter stating you qualify to borrow a certain amount for a home, based on a detailed review of your credit, income, debt, and assets. It helps establish a realistic budget, strengthens offers, and speeds up the buying process. Preapproval requires documentation and a hard credit check, lasts 30-60 days, and is not a guarantee of final approval. Avoid major financial changes after preapproval to maintain eligibility.