We always recommend to buyers, unless they need no mortgage to buy a home, that they speak to a lender at the beginning of their search and secure a letter of pre-qualification. It is customary to submit documentation indicating a buyer's ability to finance a home when one submits an offer to purchase. The compelling reason to have it ahead of time is that if you don't have it when you make your offer, your offer is not as strong, and, either you will not be in a position to negotiate the best price, or, the seller will not even consider your offer until you obtain one. Especially in the case where there are other offers made on the property, it can carry the day. In one case, my client, who was prequalified, bought a home for $7,000. less than a simultaneous competing offer from someone who had not bothered to document their ability to pay. 

     Most lenders will supply a letter of pre-qualification for no charge, and should be able to do it within a day or two of your giving them the information they need. Here's a link to a few lenders some of our clients have worked with: A List of Lenders

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