ASK JEFF

Should I get preapproved before looking at homes?

A straight answer to a real question.

Yes, especially when you are likely to make an offer soon. A useful preapproval verifies the major parts of the file, identifies documentation or credit issues, and establishes a payment and cash range before emotions get attached to a property.

Preapproval is not a commitment to borrow, and it should not be treated as permission to spend the maximum amount. Use it to understand your options and establish a comfortable target.