Win the bidding war with your preapproval!!
Preapproval is absolutely essential for anyone in a competitive bidding situation. Prequalification is not enough, as it doesn’t show that the lender conducted the same amount of due diligence—such as checking your earnings and doing a hard credit check—that a preapproval would require.
Although a pre-approval takes longer than a prequalification and might even require that you fill out a mortgage application, it’s worth it.