Before you fall in love with a home, it makes sense to find out exactly what you can afford and what payment you are comfortable with. If there are multiple bids on a property, being pre-approved is a must. Most listing agents won’t want to present your offer until they know you are a strong financial candidate. Typically, there is no cost associated with beginning the mortgage process. Also, you are not obligated to the mortgage company until you sign the papers at closing. Therefore, you can always change if there is a better deal elsewhere.