Before you submit a real estate offer, you should be already preapproved for a mortgage.
During good times, being a preapproved buyer improves your odds of beating out other competing offers.
During bad times, like during a global pandemic where everyone craves certainty, being preapproved greatly improves your odds of getting a good deal.
Let me share with you the process for getting preapproved; what documents you will need to get preapproved; and why being preapproved for a mortgage is so important.
But first, let me explain the difference between prequalified versus preapproved. These terms are sometimes used interchangeably, which is incorrect.