If you are in the process of getting a loan, you typically need to talk to the mortgage loan officer before you make an offer on a house to know if you qualify for the loan.

The quickest way to know if you qualify if you get a Prequalification, which is given by the loan officer based on the information you provide. But sometimes you need to get a Preapproval, which is a loan that has actually been run through underwriting with all of your documentation submitted and reviewed by the bank.

This is especially important if you have a complicated income, live on one of the coasts or are buying in a competitive market. 

If you want a free copy of Doug Crouse's book Hippocratic House, you can go to www.DougCrouse.com.