Getting preapproved for a mortgage can be a great way to determine how much you can afford to borrow and to streamline the homebuying process.

Here are the steps to get preapproved for a mortgage:

• Check your credit score: Your credit score is an important factor in getting preapproved for a mortgage. You can get a free credit report from each of the three major credit bureaus once a year at AnnualCreditReport.com.

• Gather your financial information: To get preapproved, you will need to provide documentation of your income, employment history, assets, and debts. This may include pay stubs, tax returns, bank statements, and other financial documents.

• Shop around for lenders: Look for lenders who offer preapproval and compare their rates and terms. You can check with banks, credit unions, and mortgage lenders.

• Complete a preapproval application: Once you have chosen a lender, complete a preapproval application. You may be able to do this online or in person. Provide all the necessary financial information and documentation.

• Wait for the lender's response: The lender will review your application and provide a preapproval letter or rejection letter. If you are preapproved, the letter will outline the loan amount you are eligible for, the interest rate, and any conditions you must meet to finalize the loan.

• Use your preapproval letter to shop for homes: With your preapproval letter in hand, you can start looking for homes within your budget. When you find a home you want to buy, you can submit your preapproval letter along with your offer.

• Remember, preapproval is not a guarantee that you will be approved for a mortgage. The lender will still need to verify your financial information and assess the property you want to buy.