What does it mean to be preapproved for a mortgage? Why is it beneficial to get preapproved for a mortgage? Question content area bottom Part 1 (Select the best answer below.) 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 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. B. To be preapproved for a mortgage you provide the lender with all information needed to obtain