The most crucial part of buying a home is being sure you can afford its payment. So, before you get pre-approved, decide how much you feel comfortable spending each month and write that number down.

A mortgage lender may pre-approve you for a larger monthly payment. We recommend you stay within your budget.

Mortgage pre-approvals are available for free through most mortgage websites with no obligation to proceed. Many home buyers get their mortgage from a different mortgage company that pre-approved them. So, don’t overthink this step.

The critical part of getting your pre-approval is that you get it. Without a pre-approval, you cannot buy a home.

As part of your pre-approval, the lender may ask for supporting paperwork, including:

• Bank statements
• W-2 statements
• Pay stubs and proof of deposits
• Federal tax returns
• Student loan statements

You don't need them downloaded or on your hard drive in advance. Just know where to find these documents when you get asked.

Mortgage pre-approvals get processed online or in person. The simplest pre-approvals are self-service.

Home buyers can get a free mortgage pre-approval from any mortgage lender or do a self-service pre-approval in under three minutes.

In this market, timing is critical. When you find the home you want, you may need to make an offer right away, otherwise someone else may get your home!

Being pre-approved enables you to move quickly and get that offer in!

Once your offer is accepted, then you begin the due diligence phase of the home buying process. Getting an inspection, an appraisal, finding your lender, getting your downpayment together and getting ready to move in!