Probably the most overlooked part of the real estate buying process is obtaining a mortgage preapproval.....

This is one of the first steps in the homebuying process and 

Three reasons it is important to get a real preapproval:

1. It shows a seller that you are capable of buying their home if you are preapproved for the purchase price.  Sellers need to have confidence that you will be able to take your offer to closing before accepting it.
   
2. It gives you a frim idea of what a bank will lend you and therefore what price range you will be looking at.
3. It will pick up any discrepancies or issues that reduce your ability to get a loan; but, found with an early preapproval, many of those issues can be corrected.

Don't waste your time by rushing a preapproval.  Take your time with the mortgage broker.  A buyer calling for a preapproval should not just be calling for a quick preapproval in 3 minutes.  It should be an opportunity for the buyer to consult with the mortgage broker about the loan options available based on their finances and also start learning about the mortgage broker and the bank and the loan process in more detail.  The should have all documentation ready at that point and be prepared for a decent conversation.