Here is a brief version of how a mortgage pre-approval works!

1. Provide financial information: Share details about your income, employment, assets, and debts with the lender.
2. Submit an application: Fill out a mortgage application form.
3. Credit check: The lender reviews your credit history and credit score.
4. Verification process: The lender may request documents to verify your information, such as pay stubs and bank statements.
5. Preapproval decision: The lender determines if you’re preapproved and provides a letter stating the maximum loan amount you’re eligible for.
6. Shop for a home: Start house hunting within your preapproved price range using the letter.

Remember, a pre-approval is not a loan guarantee. Final loan approval is determined after finding a home and meeting additional requirements.