Mortgage Preapproval. What does it mean to be preapproved for a mortgage? Why is it beneficial to get preapproved for a mortgage?

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A$.$ To be preapproved for a mortgage you provide the lender with all information needed to obtain the loan and the financial institution will review this information and determine whether to extend you a loan. If you are preapproved for a mortgage, the lender will give a letter stating the amount it is willing to lend to all real estate brokers in the area. The offer of a loan is good for a specific period, often $90$ days.

B$.$ To be preapproved for a mortgage you provide the lender with all information needed to obtain the loan and the financial institution will review this information and determine whether to extend you a loan. If you are preapproved for a mortgage, the lender will give you a letter stating the amount it is willing to lend. The offer of a loan is good for a specific period, usually one year.

C$.$ To be preapproved for a mortgage you provide the lender with all information needed to obtain the loan and the financial institution will review this information and will immediately extend you a loan. If you are preapproved for a mortgage, the lender will give you a letter stating the amount it is willing to lend. The offer of a loan is good for a specific period, often $90$ days.

D$.$ To be preapproved for a mortgage you provide the lender with all information needed to obtain the loan and the financial institution will review this information and determine whether to extend you a loan. If you are preapproved for a mortgage, the lender will give you a letter stating the amount it is willing to lend. The offer of a loan is good for a specific period, often $90$ days.

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A$.$ Getting preapproval for a mortgage can be advantageous, especially in a period when homes are in great demand. This process also helps you determine whether or not you really want to buy a house.

B$.$ Getting preapproval for a mortgage can be advantageous, especially in a period when homes are in great demand. This process also helps you determine whether you have any issues with your credit report that need to be resolved.

C$.$ Getting preapproval for a mortgage can be advantageous, especially in a period when homes are in great supply. This process helps you outbid the competition for the home you want.

D$.$ Getting preapproval for a mortgage can be advantageous, especially in a period when homes are in great supply. This process also helps you determine whether you have any issues with your credit report that need to be resolved.