It is a great idea to have a mortgage in place before you start
looking for a home. All lenders will now do a mortgage application
and give you pre- approval. They will not only pre-approve the mortgage
but they will lock the interest rate in for up to 90 days. If the
rate goes up while you're house hunting it doesn't affect you but
if it goes down you can still get the lower rate. This is a smart
thing to do. You will know exactly how much house you can afford
to buy, you will find out any credit problems that have to be addressed
if any and the interest rate is locked in. There is usually no cost
to do this so there is no downside just benefits. I highly recommend
doing this and also having the lender include a credit check in
the pre-approval. A credit check is usually not part of a pre-approval
because there is a cost to do a credit check. This cost of a say
$10 to you but it's worth it to know if there are any problems that
might come up such as a bill you forgot to pay or something else.
Who should you use? I suggest using your own bank first and if they
have a problem contact a mortgage broker such as The Mortgage Center
who have additional sources of credit that the banks don't.