Before shopping for a house, buyers should get what for their mortgage?

Before shopping for a house, it is essential for buyers to get preapproved for their mortgage. Preapproval provides a clear understanding of how much a lender is willing to lend based on an assessment of the buyer's financial situation, including income, credit score, and debt levels. This process typically involves submitting a mortgage application along with necessary documentation to the lender, allowing the lender to perform a thorough evaluation.

Having a preapproval gives buyers a competitive edge in the housing market, as it demonstrates to sellers that they are serious and have the financial backing to complete the purchase. It also helps narrow down the price range for potential homes, making the search more efficient and focused.

In contrast, prequalification is a less formal step that offers a rough estimate of what a buyer might be able to borrow based on self-reported information without stringent verification from the lender. While it can be a helpful initial step, it does not carry the same weight as preapproval, which is a firm commitment from the lender. The other options, such as pending and secured, do not specifically apply to the mortgage process in the context of preparing to purchase a house.