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There are a few good reasons to get prequalified for your new home loan. First, the process will give you a good understanding of how much you can comfortably afford as you start the search for your new home. Second, having your pre-approval before making any offer can give you the competitive advantage over other buyers. To get started click here.

Mortgage rates are constantly changing, so consumers need to monitor interest rates and know the type of loan that you qualify for. The interest rate depends on several factors including your credit score, how much money you are putting down and the term of the loan.
During the pre approval process you should be in contact with your lender to discuss options regarding your rate lock. In some instances there could be a fee associated with an extended rate lock so be sure to ask your loan officer.

There are several factors involved with determining a payment the you qualify and are comfortable with. These factors include how much you make, your current monthly debts, the amount of money that you put down, interest rates and current home values.
You should always consider your level of comfort regarding a monthly payment. Don't forget other expenses like cars, food, entertainment, gas, food and clothes when making your budget.