First-time homebuyers?
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I'd speed up looking, they say mortgage rates could fall to as low as 3% in the next few weeks! They will likely not stay this low for 6 months! I'd say it's totally worth it to start looking now. But pay attention to financial news and the Mortgage Matters blog on bankrate.com, as well as other mortgage blogs on the web to see when the lowest rates will be, and then get one!
When you get preapproved for a loan, that preapproval is only good for a certain number of days. It might be 30 in some cases, but I know some banks hold your offer for fewer days than that, like even 5, 10 or 20. So don't waste the hit on your credit score until you are really serious about going out and buying a house. Otherwise, you may have to get preapproved, and then preapproved again after that 1st preapproval letter expires = multiple hits on your credit score.
You might be able to do what's called a "rate lock" where you pay a fee up front to hold that approval for that mortage with that rate for up to a few months. It'd be worth it if you can score a 3% or 4% 30 year mortgage!!!!! You'll save well over whatever fees you pay up front over the span of 30 years interest. But you will have to basically "get" the mortgage, which means you have to find the house. Keep in mind, that a bank might *preapprove* you for anything, but only after they process all your documents etc. will you know what you're actually eligible for. Beware of the bait and switch at every step of the game.
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