Financing a home can be an intimidating process for first time homebuyers.     Since you don't have a home to sell before you purchase your new one, you will have more leverage when it comes to making an offer on a home, as long as you have your financing approved.

Your seller will want to see that you have a loan commitment.   This means that your loan file has already been reviewed, and accepted, by underwriting.      If you have not yet settled on a home to purchase, it may be wise to apply for slightly more than you want to spend, as long as it is manageable in your monthly budget.     If you happen to find your perfect home and your loan commitment is for less money than what you need to borrow, your loan has to go back to underwriting to update your commitment.    Keep in mind, you want to be sure that whatever you apply for is affordable and manageable!