Are you pre-qualified or pre-approved for a loan?
Before you shop for a new home, you should set up a time to meet with me so that we can discuss your goals.  In order to determine the best mortgage for you, I'll need to know your payment comfort level, and how much you want to invest for down payment and closing costs.  Then I will ask you about your income sources, monthly obligations, and assets.  I will pull a credit report, and review it with you.  It will be important to correct any errors that might be on the report, and even work to increase your scores.  I'll let you know the best mortgage options to fit your goals, and approximately what loan amount that would represent. 

Once you are ready to make an offer, your Realtor will give me the sales price, property taxes and association dues for that home so that I can confirm that this price fits within the loan guidelines, and issue a prequalification letter to accompany your offer.

To get pre-approved, you will complete a mortgage application and provide me with various information verifying your employment, assets and financial status such as W-2's, complete tax returns, bank statements and other pertinent information.  We’ll submit your application to the lender that best meets your needs. Once we receive the approval notice, we'll be able to issue a pre-approval letter indicating the amount your lender is willing to lend.  This takes a little longer than the prequalification process, but might be advisable in certain situations. 

A pre-approval letter is still not binding on the lender.  In fact both prequalifications and preapprovals will still be subject to an appraisal, clear title, satisfactory survey, and insurance.   If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.