Getting preapproved for a mortgage can enhance your chances of securing a home. Preapproval indicates how much you can borrow and the loan programs available to you, but it doesn't guarantee a loan. Lenders assess four main factors: credit, capacity, capital, and collateral. Your credit score and history are crucial, with higher scores leading to better terms. Capacity involves your income and debt ratios, while capital refers to your available funds for down payments and closing costs. Collateral is the property being purchased, which must meet lender standards.