Before making a home offer, securing mortgage financing is crucial. Mortgage prequalification is a basic financial review, while preapproval involves detailed verification and carries more weight with sellers. Preapproval requires extensive documentation, including income, tax returns, and asset statements. It typically lasts 90 days and may take 1-10 days to process. Multiple credit checks within 14 days count as one inquiry. Compare loan estimates carefully, considering fees beyond interest rates. Finalize the loan by confirming purchase details and financial status before closing.