I was thinking about what Bobbi wrote (3.5.08 post) and I wanted to get on my soapbox for a minute.
I have seen so many first-time home buyers wait until they find the house they really want before discussing real numbers with a mortgage broker. Can you guess what happens next? They find out that their credit isn't up to par or they have to put more money down and then the depression kicks in along with frustration and sometimes anger.
In my experience, the waiting comes from fear. It's fun to look at houses, check out what's going on in a neighborhood you like or figure out where to put the couch---that's the easy part, HG TV thrives on it. But, when reality sets in you are forced to deal with the numbers. Numbers make it real...and for some real scary. They are scared of seeing themselves as too grown up or scared of not being able to understand the math, or scared of the right time to buy, etc, etc. I've met people at open houses who have never pulled their credit score, ever, mostly afraid of what they will see. Yet, they continue to ask me about remodeling ideas and options for a garage. To lessen stress on yourself and your agent, meet with a mortgage broker first. She/he will assess what's going on with your finances and determine what you need to do in order to get the best loan.
Don't make it harder for yourself. Instead of being stuck in a REACTIVE situation, be PROACTIVE. Enter your real estate transaction from a position of strength by knowing where you stand financially. Do you go to the grocery store without looking at your bank balance? Do you buy a $400 dress without considering your budget? Most likely not because most of us are smart, thoughtful people who manage our daily lives with financial consideration. For so many people, buying real estate throws their rationality out of whack.
Take a deep breath and try to keep the emotions out of this very emotional purchase. Find out where you stand financially, then take the steps to get where you really want to be. THEN look for the house, put in an offer, negotiate, and work your way through the disclosure packet--which is another beast altogether. When you do things one at a time, instead of overwhelming yourself with learning the whole process at once, you'll be a happier and wealthier home buyer. I promise!
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