When it comes to your mortgage you’re going to have options both with which lender you choose to work with and what product best fit your needs. Your buyer’s agent can recommend a loan officers/bank but the choice is ultimately yours. Keep in mind that the person you initially get pre-approved with isn’t the same person that you have to work with to ultimately work your loan. We always recommend shopping your loan once you’ve written a contract.
It is important to understand current market conditions and how interest rates affect your purchasing power or what a higher purchase price equates to in terms of a monthly payment.
Not only will your pre-approval let you know what your total purchasing power is, you can also work backwards and decide what monthly mortgage payment you’re comfortable with and ask the lender what loan amount would fit that payment. Even if you already have a good idea on what you can afford, a preapproval letter is sometimes a requirement by the seller when you make an offer. Once you find the right house you’ll be ready to write an offer immediately; in a hot market this can make the difference between you getting the house or not.
You may learn more about typical buying fees here.