Lenders look at two numbers before your price range: what you earn and what you already owe. Here is how to work out a budget you will be comfortable with.
A fixed rate never moves. An adjustable rate starts lower and resets later. Which one fits depends mostly on how long you plan to keep the loan.
A lower rate only helps once the monthly savings have paid back the cost of the new loan. That month is your break-even point, and it is easy to work out.
Pre-qualification is a quick estimate of what you can borrow. It does not touch your credit, and it is the right first step before you start viewing homes.
Underwriting moves fastest when the paperwork is ready on day one. These five documents cover most of what a lender will ask for.