How To Get A Mortgage Preapproval

It can be hard to shop for a home without knowing how much you can afford. Mortgage preapproval lets you shop smarter and make stronger offers. Let’s look at what it means to get preapproved and how to get a mortgage preapproval.

What Is A Mortgage Preapproval?

Mortgage preapproval is the process of determining how much money you can borrow to buy a home. During the mortgage preapproval process, lenders like Rocket Mortgage^® look at your income, assets and credit score. This information determines what loans you could be approved for, how much you can borrow and what your interest rate might be.