Higher interest rates ↑ mortgage costs; housing market cooling, prices ↓.
Lenders require income, credit, bank, tax, and ID documents for pre-approval.
Debt-to-Income Ratio (DTI) < 43 is key; aim for < 35 for best rates.
Organized documents speed up approval and impress lenders.
Pre-approval letter signals you are a qualified buyer to real estate agents.