Different from a mortgage pre-qualification, a preapproval is beyond a discussion with a lender. You will b required to submit quite a bit of paperwork. This includes employment verification and checking, savings and investment records. The lender will also pull a credit report on you.

The components that lenders look for in mortgage preapproval are the consistent industry wide:

A minimum two-year employment history in the same job or field.- A credit score at least 620- Financial asset records- Verification of down payment (3% to 20% of the home price, contingent on the loan program)- Solid savings track record- An "all-in" debt-to-income ratio of 43% or less

Ordinarily, there is no charge to apply for a mortgage and achieve a preapproval. Furthermore, seeking a preapproval before you start house hunting will alert you to any qualifying issues you may not be aware of. Get preapproved as soon as possible so you have time to remedy any problems. Once you acquire a mortgage preapproval, you can confidently shop for a home.