
When you're planning to buy a house, getting a mortgage preapproval is one of the most important steps. In today's tough housing market in hot spots like Baton Rouge, a preapproval can give you a big advantage. If you're buying your first home or looking to move up, knowing why mortgage preapproval matters—and how to do it right—can help you succeed.
Mortgage preapproval means a lender has made a conditional promise to lend you a specific amount of money to buy a home. Preapproval differs from prequalification. Prequalification relies on financial information you provide yourself. Preapproval involves a deeper look at your finances. This in...