Are you in the market for a new home? Don't just start looking without first obtaining a home loan preapproval. Preapproval is an important step in the home buying process, but many hopeful home buyers overlook it. In fact, obtaining a preapproval could make the difference between securing your dream home or not getting it.

A preapproval is a free service offered by lenders. It will give you an estimate of how much you can spend on a house. To obtain a preapproval, the lender will assess your credit score and analyze your finances. This can be a time-consuming, laborious process, and some homeowners may not have the time and patience to get it all done. But, the benefits of preapproval far outweigh the minor inconveniences.

First, when a homeowner obtains preapproval, they’ll know exactly how much they’ll qualify for and be able to set realistic expectations when shopping for homes. This way, they don’t fall in love with a house they can’t afford. Also, home loan preapproval lets sellers know that the buyer is serious and has the financial resources to make a purchase. This could be