Are you ready to buy a home?

A pre-qualification is an estimate based on what you tell a lender. A pre-approval is based on documents the lender has actually read: your income, your assets and your credit. Sellers treat them very differently, and so should you.

The pre-approval does two jobs. It shows a seller that your offer can close, which matters in any price band where good homes draw more than one offer. And it tells you your real range, which is often not the range you assumed. It is better to find that out before you fall for a house than after.

Talk to more than one lender. Rates, fees and loan programmes vary, and the CFPB's homebuying tools explain how to compare the Loan Estimates you get back side by side.

The number a lender approves is the most they will lend, not what you should spend. The figure that matters is the monthly cost you can live with, and that includes more than principal and interest:

• Property tax, which depends on the county, the city and, in South Carolina, whether the home is your primary residence and you have applied for that treatment
• Homeowners insurance, and flood insurance if the property needs it
• HOA dues and any special assessment the association has planned
• Mortgage insurance, if your down payment is small enough that the loan requires it
• Maintenance, which a landlord used to pay for

Then there is the cash you need on closing day: the down payment, closing costs, prepaid tax and insurance, and the inspection and appraisal fees you pay before closing. The property tax guide explains how the tax bill is calculated on each side of the state line.

Where you need to be on a weekday rules out more options than anything else, and you cannot fix it later. You can renovate a kitchen. You cannot renovate a commute.

If you are new to the region, narrow it to three or four areas before you tour. Drive them at the times you would actually be on the road. The area matchmaker gives you a shortlist of three with the reasoning attached, and the neighbourhood guides set out what each area suits and the trade-off it asks for.

Some things depend on the specific address. A listing can get them wrong, and they cost far more to discover after closing than to check before:

• School assignment, confirmed in writing by the district for that address, not taken from the listing. The school verification guide shows how.
• The tax bill as it will apply to you, not what the current owner pays.
• Flood zone, from FEMA's flood maps.
• HOA documents, including the rules, the budget and any pending assessment.
• Well and septic, if the property is not on public water and sewer.

You do not need answers to these before you start. You do need to know they are coming, so that the time between an accepted offer and closing is not the first time you hear about them.

Buyer representation is now a written agreement you sign before touring. It sets out what the agent does for you, what it costs and who pays. Read it the way you would read any contract, and ask about anything that is not clear. Both North Carolina and South Carolina let you look up an agent's licence.

If you are considering new construction, bring your own agent to the first visit. Many builders only honour representation if the agent is registered on that first visit. The buying overview covers the rest of the process in order.