What Is Mortgage Preapproval? | LowerMyBills

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Homeownership is a primary goal for many Americans, but it’s not an easy one. Unless you can pay for your new home in cash, you need a mortgage. And in competitive housing markets, you need to move fast when you find a home that fits both your needs and your budget.

One of the best ways to be prepared is getting a mortgage loan preapproval. This serves two purposes: It lets buyers know how much they can expect to borrow, and it lets real estate agents and sellers know a buyer can get the funding needed to close a sale.

Annie Yang guides you through the pre-approval process in the latest video from LowerMyBills!

Featuring Annie Margarita Yang, Personal Finance Writer
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