The best advice I can give a buyer is to be pre- qualified! The very first step in looking for a home is to talk to a lender. Due to the many foreclosures, many lending institutions have tightened their guidelines, some have gone out of business all together! A lender or mortgage broker will be able to help you assess your financial situation and mortgage qualifications. A lender will take into account your FICO score, income, and debt. The interest rates fluctuate daily... but, they will be able to give you a price range based on the information you give them. Depending on your situation, you may need to provide:
Bank statements
Savings statement
Stock/securities information
Copies of tax returns ( two years)
The lender will most likely need employment and asset verification too. When you know what you can qualify for... your Realtor will be able to help you find the right fit.