When should I get preapproved for a mortgage?

In rare cases, such as very slow markets, agents and sellers will be willing to work with buyers who are not preapproved. But if the market you’re buying in is competitive at all, you will not be taken seriously. Once you’re ready to start touring homes, you should have a preapproval letter. Even if an agent is willing to work with you without one, make sure you at least have one before you put in an offer to make sure your offer is seriously considered.