Most Raltors and Lenders strongly suggest that homebuyers get "pre-approved" with a Lender before they start looking at homes. This way, you will have the most accurate information as to what you can realistically afford.

More specifically:
You will know exactly what your price range is. You will know how much you can borrow, the interest rate and what your monthly mortgage payments will be.

You can then look at homes that fit both your budget AND your needs!

Plus, your interest rate will be guaranteed for roughly 60-90 days, protecting you against rising rates.

You don't want to find that "home of your dreams" only to lose it because someone else was better prepared to put in an Offer or worse, find out that you don't qualify for the financing. By getting pre-approved, you take away the guess work and may be pleasantly surprised to find that you qualify for more than you thought.

You will also find out just how flexible and accommodating your financial insitituion is. Most will allow you to choose the type of payment plan that best fits your needs. If you are not happy with their answers, you will have time to shop around before committing.

It will show you ahead of time how much money is required for the down payment and the closing costs to avoid any last minute surprises.

A pre-approved mortgage will put you in a strategically better position to negotiate your offer with confidence, which is a big advantage in a hot housing market.