 TITLE: When Is the Best Time to Buy a House? CONTENT: Get Preapproved First\n---------------------\nBefore you start viewing homes, it's recommended to get preapproved with a lender. This entails starting the application process, submitting all the required documentation and agreeing to a credit check. The lender will review everything and, if you're preapproved, you'll receive a letter stating how much you're preapproved to borrow and what your loan terms would be. This doesn't commit you to accepting any offers, and you can do this with multiple lenders to compare rates and terms.\nOne benefit of preapproval is that it helps you understand how much home you can afford, so you know what price range of properties are within your budget.\nIt also indicates to the seller that you're a serious buyer who has already been screened by a lender. If you're in a competitive market or season, and multiple buyers submit offers, those with preapproval letters may be favored since they've already taken this important first step.\nThis is different from getting prequalified, which is less rigorous and typically doesn't require a credit check. Instead, you submit some basic information and get an estimate of how much you could potentially borrow. Prequalification is better than nothing, but getting preapproved is preferable since it gives you a more accurate budget and can help you close a deal faster. END