Get preapproved, not just prequalified

By Bankrate.com

Once you've determined how much house you can afford, why not take the next step and get pre-qualified and pre-approved for a home mortgage loan?

Not only will you know your housing budget to the dollar before you start looking for a home, you'll also have more negotiating leverage because the seller knows you've already got a loan virtually in your pocket.

Pre-approval
Pre-approval takes pre-qualification one step further. The lender will contact your employer, your bank and others to verify your income, assets, debts and credit history, and then issue you a letter stating that your mortgage is approved for a certain amount within a certain timeframe. You may be charged a small fee to cover the cost of your credit reports and your application, often refunded at closing.
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